Tuesday, January 22, 2019

News: Pricecheck accelerating export growth

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Having surpassed £70m in sales in its 40th anniversary year, award-winning firm, Pricecheck Toiletries, is targeting £200m turnover by 2025, with 50% of revenue coming from exports.

Pricecheck is a leading supplier of international branded consumer goods, working predominately in the health and beauty sector, dealing with discounted clearance stock.

The second generation family owned business was established in 1978 by the parents of Mark Lythe and Debbie Harrison, who now run the company as joint managing directors. Officially opened in 2016, the ambitious firm moved to new premises at Beighton Link Business Park in Rotherham where an annual turnover of £73m was reported for the 2017-18 financial year – representing an increase of £18.1m on the previous year.

In early 2017, the brother and sister team turned to Growth 365, the membership service offered by professional services giant, Grant Thornton for ambitious mid-sized business leaders, to help them achieve their goal of achieving a £200m turnover by 2025. With £32.4m of 2018's total sales coming from exports, up 45% from the previous year, the aim is to reach 50% by 2025.

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Growth 365 connects Mark and Debbie with Grant Thornton's international network of experienced business advisers, technical specialists and analysts. The service also links the pair to a community of like-minded business leaders – an invaluable forum for sharing experiences, sounding out ideas and making new connections.

Mark Lythe, joint managing director at Pricecheck, said: "Our relationship with Grant Thornton and Growth 365 is building our confidence as we move into international markets. We've got access to fantastic resources and networks which we're using to expand growth worldwide."

Over the past year, the Growth 365 business advisers have challenged Pricecheck to take a fresh look at the business' position in the market. As a result, Mark and Debbie have developed a new and stronger identity for the business to boost its image on the international stage.

Growth 365 has also provided expert country market analysis so the pair have the right insight to target potential suppliers and customers in new markets more efficiently. Insight is also being provided into the competitor landscape, to enable Pricecheck to pinpoint the best opportunities in new product categories more accurately.

Staff numbers have grown from 80 to 150 in just two years and the company also expanded its storage capacity to 170,000 sq ft.

Richelle Schuster, who manages the Growth 365 service at Grant Thornton, said: "Pricecheck's growth means the business is taking on an increasingly important profile within the local community. People are proud of what Pricecheck has achieved as an international exporter."

Pricecheck website
Growth 365 website

Images: Grant Thornton

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