Succession planning at health business as it targets growth capital
Leeds-based Defib Machines has made an experienced addition to its senior leadership team, as the supplier of full-service automatic defibrillators gears up for further growth.
The Leeds-based company, which recently revealed an almost 800% increase in pre-tax profits, has appointed experienced professional, Joe Lawrence as finance director.
Lawrence, who was previously finance services analyst at FGH Group, joins the business’s senior leadership team alongside managing director Jonathan Gilbert and directors Colin Gilbert and Michael Armitage.
The appointment comes as Armitage, who co-founded Defib Machines alongside the father and son team of Colin and Jonathan, has confirmed his intention to retire from the board in 2023.
He will continue with the business as it looks to secure growth capital to accelerate its ambitious plans following a period of rapid expansion.
Jonathan Gilbert said: “We set up the business in 2015 with the desire to disrupt the market and create a service which meant defibrillators were affordable and accessible for all businesses and community organisation across the UK.
“Seven years on I’m proud to say we have done that and helped push the industry forward, but there is still more to do.
“The support I’ve had from both Colin and Michael as we’ve built this business has been tremendous. But now as Michael prepares to retire it’s fantastic to welcome Joe to the team as we look to take Defib Machines into the next phase of its growth.”
The business has been working with accountancy firm Armstrong Watson as it looks to gain growth capital.
With the business already seeing increased demand from large and mid-sized companies throughout the UK, the funding will be used to grow its operations and gain a further share of the national market, which is predicted to be grow as part of the European market at an annual rate of 11.4% through to 2029.
Lawrence said: “The last 12 months have been transformational for the business and it’s an exciting time to be joining the company as we look to fund our continued mission to increase access to defibrillators, which are literally life-saving technology.
“We’re having some interesting conversations with investors who see the opportunity the business has.”
Chris Archer, corporate finance partner at Armstrong Watson, said: “Defib Machines is a fascinating business and its recent results are a testament to the work which Jonathan and the team have done over the last few years to change the way defibrillators are supplied.
“With a fantastic portfolio of clients, a strong forecasted revenue and further opportunity to disrupt the sector, we’re seeing high levels of interest from the market.”