Middleton based Bifold FluidPower has got the winning habit and is hungry for more success
The company, which makes high-tech valves for the oil and gas exploration sector, is in the running for the Manchester Evening News Business of the Year Awards in the turnover £10m to £25m category. The company, which employs 140 people at its headquarters on Greenside Way and in Somerset , is testament that not everything in the world has to be made in the Far East.
Its boss Gary Jacobson, 40, was this year crowned north west entrepreneur of the year. The accolade followed a secondary buy-out deal in April, which valued the company at £35m. In the last three years turnover at the company has more than doubled, from £7.5m to £15.1m
Bifold was founded in 1880 in Wigan as a supplier of valves for steamships and of miners lamps. The company supplies stainless steel control valves used on oil and gas rigs, at refineries and in pipelines. In seeking the award Mr Jacobson said the company has a strong track record of growing its sale, profits, increasing margins and innovation.
He said: "In the five years to August 31 last year, we have grown turnover by 201 per cent from £3.8m to £11.68m, increasing EBITDA (earnings before interest, tax, depreciation and amortisation) from £190,000 to £2.43m. "For the year to August 31 this year, we are forecast to generate turnover and EBITDA of £15.1m and £3m respectively. Since 2001, Bifold has demonstrated significant growth, predominantly by expanding its product range."
He said the company's organic growth had been augmented by the acquisition last year of Marshalsea in Somerset, which will add around £3.4m to turnover.
Mr Jacobson said he and the management team are committed to driving the business forward and increasing profits.
Article taken from MAnchester Evening News - 22 August 2007 by Chris Barry