Barclays Business Success: New HQ paves the way for Tibbetts Group expansion
April sees Oxfordshire-based Tibbetts Group relocate into smart new premises in Banbury. The move consolidates the company’s four operations in the town under one roof and provides room for future expansion, as managing director, Jonathan Tibbetts, explains.
“We had been looking for new premises for a considerable time and after a £1.5 million refurbishment, it will be a very proud moment for all of us when we finally move in,” said Tibbetts.
“Our goal was to find somewhere which would enable us to work more efficiently and this brings all the different parts of the TGL division– engineering, HR, finance, IT and our headquarters – together on one site.
“Tibbetts House gives us around 35% additional capacity and we see it as a real springboard to the future, both in helping us continue to grow our core business and making new acquisitions in the future.”
A leading supplier of component products for the automotive original equipment, automotive aftermarket, aerospace and industrial sectors, the company enjoys an annual turnover of £45m and employs over 110 staff.
Recently, the business added to its portfolio with the acquisition of Electra Engineering Services and Security Fasteners and Fixings, and the management team is keen to find more suitable product-based businesses which will be a good fit with its strong engineering base.
Its focus on bespoke engineering, quality assurance and customer service has enabled the business to enjoy sustained growth over the past three decades and Tibbetts says by ensuring they get those elements right, customer satisfaction has ‘rocketed’.
“We undertake a great deal of development and testing work for customers. In the markets we operate in, it’s very important to be able to guarantee very high levels of quality and that’s something that we really pride ourselves on,” he said.
Helping to support the building project and expansion plan with a £2.7m funding package has been Barclays, which already provided day-to-day banking facilities, as well as supporting the company’s foreign exchange requirements.
Finance director Steve Wilkinson says Barclays’ knowledge of the firm’s systems and processes was just one part of making the decision about which banking partner to work with.
“Barclays has worked hard, they know our business very well, they put together a good package, and they were very efficient – we know that we have the 100% support of Vikki Hemming and her team,” he said.
Tibbetts added: “We have some very large global customers, so choosing our key corporate partners is very important. Barclays is a trusted global brand and, in situations like this, you can’t really quantify how much that is worth to you as a business. Not many banks in the UK in the corporate world have quite such an international reputation as Barclays and that was important to us.”
Vikki Hemming, Barclays relationship director, corporate banking, Oxfordshire, said: “We had some very strong competition for this deal and we were delighted to be chosen as their funding partner. It’s great to see a local business expanding and contributing to the local economy.
“The company is very experienced in this niche market and has a clearly defined strategy for growth, something we are fully committed to supporting as the business looks to build on its success and expand its order book now and in the future.”
Local company Hawkins Projects carried out all the building work, transforming what Tibbetts describes as an “old shell” of a building into a purpose-designed eco-friendly new facility, complete with the latest engineering test facilities, technology and flexible office space.
“Hawkins have been excellent, very accommodating and flexible and, together with local firm Jamie Briggs Removals, they have both done an amazing job in helping us complete the work and make the move,” concluded Tibbetts. “This is a very exciting time for our business and we look forward to the future.”
Sister company BFC will continue to operate from its independent site in Stokenchurch.
Jonathan Tibbetts
Vikki Hemming
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The views expressed in this article are the views of the author alone and do not necessarily reflect the views of the Barclays Bank PLC Group nor should they be taken as statements of policy or intent of the Barclays Bank PLC Group. The Barclays Bank PLC Group takes no responsibility for the veracity of information contained in the third party guides or articles and no warranties or undertakings of any kind, whether express or implied, regarding the accuracy or completeness of the information given. The Barclays Bank PLC Group takes no liability for the impact of any decisions made based on information contained and views expressed. |
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Barclays is a trading name of Barclays Bank PLC and its subsidiaries. Barclays Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register No 122702). Registered in England. Registered number is 1026167 with registered office at 1 Churchill Place, London E14 5HP. April 2017. |
