Name: Joseph Joseph
Industry: Design and Manufacturer
“Bibby Financial Services understands our business inside and out, and our client manager is always just a phone call away to answer any questions I might have. This level of personal service and attention to detail is refreshing in this day and age when it is often well nigh impossible to speak to a human being on the other end of the phone, let alone someone with a high level of authority that can make business decisions there and then.”
Company History
Launched by twin brothers Antony and Richard Joseph in September 2002, Joseph Joseph is a successful business which designs and produces modern, top-end kitchen and tableware, exporting to over 25 countries worldwide.
The firm has its roots in a family glass business stretching back three generations and it was the success of Anthony and Richard’s Grandfather and Father which inspired the brothers to set up on their own in business.
Joseph Joseph has overcome many of the growth constraints experienced by small and medium-sized businesses to develop a highly successful, strong brand with an impressive customer base.
The Problem
Richard explains: “The key for any ambitious small or medium-sized business that wants to move up into the next league is to ensure there is a smooth flow of cash into the business at all times. As designers and manufacturers of products we are all too aware of the fact that we constantly need to buy large amounts of raw materials upfront to create our product lines and then have to wait over 30 days for payment once the goods have sold.”
With plans to increase the business by diversifying into highly lucrative overseas markets, Richard knew right from the start that a flexible source of funding was vital to boost Joseph Joseph’s coffers to ensure the necessary cash flow was in place to enable the business to grow.
The Solution
“Invoice finance is the ideal solution for us to help move the business forwards,” Richard explains. “It helps cash flow by releasing a percentage of the value tied up in our outstanding invoices providing a smooth, consistent source of funding that grows in line with our sales. Bibby Financial Services enables us to access the cash we need, when we need it.”
Working with Bibby Financial Services
He comments: “Bibby Financial Services understands our business inside and out, and our client manager is always just a phone call away to answer any questions I might have. This level of personal service and attention to detail is refreshing in this day and age when it is often well nigh impossible to speak to a human being on the other end of the phone, let alone someone with a high level of authority that can make business decisions there and then.”
Business is booming at Joseph Joseph and the future looks bright – despite the current economic situation. In fact, over the past three years, revenue has grown by a significant 80 per cent of which, approximately two thirds comes from exports.
Plans are afoot to further their expansion into Japan which represents a huge opportunity given the Japanese love of innovative, leading edge, high quality design and kitchen gadgetry. The firm also intends to break into the US market and recently opened an office in New York to increase its presence stateside.