Kevin Doherty, owner and director of Codem Composites has to get his team revved up prior the start of January and the Formula One season. Kevin uses Bibby Financial Services’ Flexidraft product to help his company cope with the demand for his products during the F1 pre-season peak period.
Codem Composites is based in Cambridgeshire where it manufactures the light-weight carbon fibre parts needed for Formula One racing cars, supplying the likes of Mercedes and Force India. From Christmas to Easter every year demand can be so great that the team employed can go from 18 to 24.
Landing significant contracts
Codem Composites was established in 2009, when Kevin spotted a gap in the market, his idea was to offer the high technical ability of larger composite manufacturing firms, but with the agility of a smaller more dedicated company.
The business now boasts a £1.3 million turnover and has landed other significant contracts in the motorsport and aerospace industries. Kevin says: “Mercedes won all but two of their Grand Prix’ this season with Nico Rosberg leading the world championship and Lewis Hamilton currently second. I like to think that we all play a part in their success.”
Accelerated business growth
Since the business started it maintained steady growth until last year, when it ramped up to around 20 per cent a year. In 2012, Kevin set up a sister company CC Patterns, which provides the complimentary facility of machining work for the composite parts.
This meant that the two companies combined now offer a complete turnkey solution to its customer base, the provision of this service has resulted in an accelerated growth for both businesses. Rapid growth required looking into new funding solutions, this is when Kevin, after extensive research, opted for Flexidraft.
Kevin says: “We had the funds to set up CC Patterns, but what we needed was a safety net. We didn’t want to go down the loan route; we needed an overdraft just in case the growth profile was different to that which we’d planned.
“I knew with Bibby Financial Services that I’d get a conversation with a real person and a straight yes or no. It’s not about running it through a computer or ticking a box. It’s about a real person understanding the potential of your business.”
If you’re a business owner and you’re looking for funding to expand your business feel free to contact us today. You’ll be reassured to hear that we currently handle in excess of £4.9 billion in client turnover and provide cashflow funding to over 7,000 businesses, in over 300 industry sectors.
For more information about Bibby Financial Services’ cashflow solutions, visit: Bibby Financial Services or call 0800 91 95 92.