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08 May 2009
Distributor VCW is launching a services arm and is on the hunt for acquisitions after receiving a £5m cash injection from founder Mike Harris.
The Shropshire-based firm currently works with just two vendors - Fortinet and Allied Telesis but will use the investment to broaden its vendor base.
VCW chairman Harris said that the move would send a strong signal to vendors, resellers and potential new staff.
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“This will mean we are in a stable position to service trade customers and that vendors see us as a safe pair of hands,” he explained. “We can also recruit staff in the knowledge that they are joining a company that is in a strong position financially.”
Harris said VCW is setting up a services division and plans to introduce some form of advanced replacement cover that resellers can offer end users.
The distributor saw turnover for the year to August 2008 more than double to £5.6m.
It aims to grow this to £12m within 18 months, but Harris stressed that target does not include potential acquisitions.
“A lot of distributors are finding it difficult to service credit or obtain credit themselves and may be forced to sell,” he argued. “We will look at those opportunities as they come along.”
Scott Dobson, managing director of rival distributor VComm, said: “There are only two reasons for putting more money into a firm: to fund growth; or because it is draining resources.”
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