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Case Study: Epitomy Solutions Ltd

Published: August 2007

The Company

Based in Sheffield’s green southern suburbs, Epitomy is an established business solutions company providing specialist aftermarket service solutions to the capital goods industries, including online parts catalogues and ordering systems.

The company has a client base which includes familiar big names such as Optare Bus, Hayter and Mercury Marine in the bus and coach, ground-care machinery and marine engine sectors.

The Challenge

Following the company’s success in a number of sectors of the capital goods market, the company needed to expand the core business to exploit opportunities further down the value chain and create additional sales channels.

A shortage of cash prevented the company from expanding its product range and exploiting subsidiary markets. The management needed to find a flexible funding solution to facilitate the investments required without giving up equity in the business.

The Solution

Eventually the company raised £170k with £50k from SYIF and the balance from IFG2, Connect Yorkshire and National Westminster Bank Plc.

Andrew Vernon, Managing Director at Epitomy, said: “In its sixth year of trading, Epitomy Solutions faced the usual ups and downs encountered by many new start ups. The downs generally involve finance, most usually cash flow in the early days.

"The nature of the finance issue has changed as the business has matured. This is where SYIF has helped us. The loan allowed us to put together a range of finance options which are helping us invest for future growth."

"Growing a company isn’t just about sales, it’s about gearing too. This was a time when we didn’t necessarily want to raise finance through equity and were looking for other options."

Progress to Date

The company is now trading an expanded product range to a more diverse marketplace, creating new income streams. It is also adopting more refined business practices.

As part of SYIF’s involvement with Epitomy, they have appointed a business mentor, to help the company develop its business strategy.

Epitomy’s mentor, John Stephenson, provides an invaluable range of skills from his wealth of senior management experience in companies like Land Rover, Massey Fergusson and Caterpillar Logistics, precisely the type of companies that Epitomy is targeting.

John said: "I have been working with the management at Epitomy to review the nature of the product offer. The outcome will be to substantially emphasise how the company can appeal to different users groups within the product support supply chain."

"The process has already resulted in the identification of a range of innovative and marketable features."

Jane Siddle, Investment Manager at SYIF, said: "Epitomy is a modern, forward-thinking company that is keen to grow and keep on growing. We are pleased to be able to help such an organization."

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