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Park Wells Enterprise

We have recently completed the Sword SME Innovations Course, sponsored by Powys TEC.

I am writing to thank you for your help in working our way through this scheme and tell you of the benefits we received from our and the TEC’s investment.

The course made us, a small business, take an afternoon once a fortnight approximately and think hard about our business.  Under the normal daily pressures, that is something we would not have done before.

When we started the course we had 7 employees other than the Partners, we now, after 6-7months, have 10 full time and 2 part time employees and expect that to grow.

Early in the course we realised that the growth of any kind we needed space and money.  We reorganised our banking facilities and entered into a factoring agreement with a further bank which immediately released £25,000 back into the business and reduced expensive short term borrowing facilities.  Factoring will allow us to maximize the benefits of our planned growth as well.  We are now setting up and insurance facility to secure our position in case of bad debts reducing our exposure to about £1000/1,500 in any one situation.  This arrangement was completed February.

We entered into a lease agreement with the Development Board of Rural Wales for a larger 10,000 sq ft factory that had been empty 50% of the time in the last 10years.  We are moving out of our current 1500 sq ft unit in the next 2 months.

The course and in depth studies we undertook made us realise that to maximize the use of our in-depth expertise in forwarding we needed to grow outside of Powys and in November opened an office in South East London selling our services there although the operation is controlled from Builth Wells.

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