A partnership between Prime Accountants and a renowned stainless steel polishing company has enabled the latter to become the biggest of its kind in the UK as it clocks up 40 years in business.
Birmingham-based Professional Polishing Services credits its long-term relationship with us with securing its longevity after steering the business through expansion and diversification.
Our advice and guidance on exploring new markets and adapting for the future has enabled Professional Polishing Services to increase its annual turnover to just under £2 million per year.
Founded in 1983 by Peter Davies, the firm now polishes 25,000 tonnes of metal per year, with its most visible work being the bright polished cladding at Grand Central Station in Birmingham.
It has expanded its services into a wide range of industries, including the defence, medical, pharmaceutical and manufacturing sectors.
During the pandemic, the company was tasked with polishing steel for the tanks that were used to produce the Covid-19 vaccine, while its biggest areas of growth include the nuclear sector and the construction industry, as stainless steel and aluminium facades provide a safe alternative to cladding on buildings.
To accommodate the growth in demand, we have supported Professional Polishing Services with securing a capital expenditure grant for the purchase of a new £200,000 polishing machine.
We're also advising on the company's ambitious plans to install solar panels at its Smethwick premises.
Vital for growth
Kirsty Davies-Chinnock, managing director at Professional Polishing Services, said: Our work isn't just architectural it also provides a vital function, such as maintaining hygiene standards or preventing cross-contamination in the food and drink or pharmaceutical industries.
Purchasing new polishing machinery has been vital for our growth, but with the cost of a new machine ranging from £200,000 to £500,000, it is a big investment for our business.
"Thanks to Prime's guidance, we have successfully obtained a Capital Grant worth 12 per cent of our overall investment to support our latest purchase.
The key to our partnership is that we don't view Prime as our accountants, we view them as an extension of our own team and an additional member of our board; we have found they ask questions we haven't thought of, which make us look more in depth at what we do and how we do it.
Yes, they do the day-to-day tasks that are essential to keeping the company running, but they've been instrumental in helping us achieve our growth through investments and grants, and their ability to pivot at speed has proved essential during recent challenges such as the pandemic.
Carbon neutral target
Most recently, Professional Polishing Services has called on our support with meeting its ambitious sustainability goals ' to be carbon neutral by 2025.
Kirsty, who is also chair of the British Stainless Steel Association, added: We have set ourselves the huge goal of becoming carbon neutral and to help us reach this target we want to install solar panels on the roof of our factory.
This will enable us to generate 30 per cent of the power we use and it will be a big step forward in helping us to reduce our carbon emissions.
Unfortunately, due to the age of the building the current roof won't support the weight of the solar panels, so we need to replace the roof at the same time as the panels are installed.
As a working factory, and one of the only polishers in the UK to offer certain services, we are having to replace the roof while remaining operational, by only stopping work in certain areas of the building.
Overall, the project will cost us £500,000 and will limit our capacity as a business while work is carried out, so Prime's advice on funding and grants is proving instrumental with supporting us on our road to becoming carbon neutral.
Kevin Johns, managing director at Prime Accountants Group, said: As strong supporters of local business in the West Midlands, we are delighted Professional Polishing Services is celebrating its 40th anniversary.
The diversification of the business and its ability to tap into new markets is the key to its longevity, and we are proud to have supported Kirsty and the team in reaching this significant milestone.
To find out more about Professional Polishing Services, visit www.professionalpolishing.co.uk.
Prime Accountants Group has announced Morgan Davies as our new managing director, succeeding the long-serving Kevin Johns.
Morgan formally takes over the role on September 1 as part of our advanced succession planning, which has been taking place behind the scenes for some time.
Kevin Johns
Kevin has worked for Prime for 31 years and has been its managing director since 2015.
As well as holding the positions of Solihull BID chairman and vice-president of the Solihull Chamber of Commerce, Kevin has spearheaded Prime’s fundraising efforts, which have seen the business raise tens of thousands of pounds for charities such as Solihull Life Opportunities (SoLO) and Birmingham Children’s Hospital.
Morgan Davies
Morgan is one of the four original founding partners of Prime from 2007 and steps up from his role as director overseeing our audit and accounts department.
While Kevin is stepping down as managing director, he will continue to work with his portfolio of clients and remains on the senior leadership team.
To facilitate Morgan taking on his new role, fellow directors Jeremy Kitson and Paul Guise will take over his responsibility for audit and accounts.
Succession Planning
Kevin, who was awarded a British Empire Medal (BEM) in the New Year’s Honours list in 2019 for services to Solihull, said: “I’ve planned to gradually retire over the next few years, so handing over to Morgan now means we will have a far more controlled and better transition.
“I’ll still be part of the leadership team, I’m still looking after my clients but I just won’t be leading on the day-to-day anymore.
“I said when we marked my 30th anniversary with Prime that I’ve been leaving for a long time! This is long-term succession planning and a natural progression in any business. I’m passing the baton to someone in Morgan who is exceptionally capable and well-positioned to keep the firm on exactly the right path.”
The promotion comes in a milestone year for Morgan, who has worked for the firm for 20 years and has been in practice for 30 years.
He said: “This is part of a succession plan we have worked hard on. I’ve been audit and accounts lead ever since I’ve been here at Prime, which is effectively half the firm, as well as being part of the senior leadership team.
“The experience that gives you is seeing every element of the business up close. It’s a natural fit, we work closely together and I have supported Kev for years.
“The culture of this company is to develop people and empower them to succeed and grow, and this demonstrates that with aplomb. As I move up to managing director, two very capable directors in Paul and Jeremy move up to audit and accounts – it’s good for everyone within the pyramid at Prime.”
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