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OWNER of Melksham company GripIt Fixings and Dragons’ Den star, Jordan Daykin, has announced his acquisition of automotive business Vehicle Preparation Services Group Ltd (VPS), as he seeks to diversify his business portfolio.
Jordan, 22, burst onto the scene in 2004 as the youngest ever entrepreneur to receive investment on BBC’s Dragons’ Den when he was just 18, with an £80,000 investment from Deborah Meaden in his business GripIt Fixings. Now, he has purchased VPS Group for £5million and has plans to raise significant funds and capitalise on the booming number plate market.
Founded in 2004, VPS Group was originally established to supply temporary labour to vehicle manufacturers. Since making a name for itself as a leading contract supplier for the automotive sector, the business has expanded and now has five main revenue streams, including a growing number plate manufacturing arm.
VPS Group, which operates in Bristol, Southampton, Swindon, Sheerness and Killingholme, employs 160 people and turned over £5.1million in 2017.
In 2016, Jordan appeared on Dragons’ Den ‘Pitches to Riches’, when GripIt Fixings was valued at £10million, making it the most successful Dragons’ Den business in history.
Today, the company, which operates from five industrial units across Wiltshire, is valued at £20million and has completed two successful crowdfunding rounds – the most recent of which raised £2.14million from more than 1,400 investors via Crowdcube. In 2017, Jordan grew staff numbers from 5 to 47 and increased revenues by 350%.
Stocked in over 5,000 UK stores including Wickes, Screwfix, Currys, Maplin, B&Q, Homebase, Argos, Buildbase and Plumbase, GripIt now exports its unique fixings to 34 countries across the world, including builders’ warehouse in South Africa, Bunnings in Australia and New Zealand, and Home Depot the USA. Currently adding 60 new products to the range, GripIt is transforming what was once a one-product company, into a business with a portfolio of innovative, patent-protected products.
Jordan has been on the VPS Group board as a non-executive director for two years, offering strategic advice to the company his father originally founded in 2004. As well as aiming to sell 1 million number plates in 2018, Jordan has ambitions this year to grow VPS Group’s labour supply nationally and make use of its extensive staffing database to grow its recruitment offering.
Speaking about his new business venture, CEO Jordan Daykin said, “There is such huge potential for Vehicle Preparation Services Group to build on its excellent industry reputation by branching into new markets and capitalise on the booming automotive industry.
“I’m extremely fortunate to have a strong management team in place, who have ensured the company has been profitable since day one. I’m very proud to take over as CEO of the company my father started in 2004, and by using what I’ve learnt while growing GripIt Fixings, I’m committed to getting the very best out of our talented team and taking VPS Group from strength to strength in the coming years.
On the acquisition, VPS Group’s director Richard Davidson said, “We’re very excited by the news of Jordan acquiring VPS Group. Having seen first-hand his success with GripIt, the whole team is looking forward to a busy 2018, implementing the new growth strategy and working alongside Jordan as our new CEO.”