Bond breaks £100 million barrier in 2011

After 40 years in business, fast growing UK and international wholesaler Bond International recorded sales over £100 million for the first time in 2011. The news marks something of a milestone for company founder Reg Bond, who had set his sights on breaking through this particular glass ceiling.

When you consider the fact that turnover totalled around £60 million just five years ago and the market context in which some £40 million (or 66 per cent) has been added to this figure since, you can understand why company representatives are celebrating. Speaking to Tyres & Accessories, Bond International finance director Steve Tidmarsh explained that the company has also improved its profitability in the last year: “In a market place which during 2011 was tough to say the least, we were pleased to see pre-tax profits (EBIT) grow from 1.1 per cent to 2 per cent in 2011. All this comes in Reg Bond’s first full year back in the business after his recent illness, which is a tremendous boost to his well-being.”

The sharp growth reportedly stems from an improvement in business and product mix, improved buying terms, strong cost controls and long term investment in improving service levels. Looking forward, Tidmarsh commented that the company is prepared for fresh challenges: “2012 will bring new challenges, none more than the EU tyre labelling which takes effect in November.”

But that doesn’t meant that there won’t be further growth: “At a time when the economic situation seems to be getting worse but with the building blocks in place, a modest growth is expected with the continuing policies that have created the current position over the last five years, as the last truly national independent distributor in the market the independent dealer can feel safe we are there to serve them through these difficult times.”