Britannia Fire are responsible for the biggest innovation in firefighting equipment this decade, creating a portable, multipurpose fire extinguisher. Recently, we had the opportunity to sit down with Andy Spence, the company’s Managing Director (MD), to discuss how their business has evolved since partnering with us.
Andy, can you give us a brief introduction to Britannia Fire?
Established in 1970 Britannia Fire are an SME (Small and medium-sized enterprise), that manufacture fire extinguishers in the UK. We are rapidly expanding and have experienced strong growth year on year. We’ve recently begun implementing expansion plans, with Wilby Jones providing guidance throughout the process, including advice on our cash flow and the best funding options. We’re particularly proud of our P50 fire extinguisher. As a multi-purpose model, the P50 is suitable for use on different types of fires including carbonaceous materials, flammable liquids, cooking oil and electrical. This removes the need for multiple extinguishers on site and ensures it’s the best solution for mostly any type of fire.
Can you describe common financial or operational challenges that have been encountered over the last year?
We took a decision to discontinue old fashioned manufacturing methods and move towards new, modern techniques such as the P50, which has meant us investing a further £1 million in plant and machinery this year. This raises questions of how we fund this and what are the most tax advantageous methods to do so. Wilby Jones guided us in the right direction applying an attentive pair of eyes to sense check what we’re doing and make sure that everything meets the correct standards.
Why did you need professional help, for instance, did you need help with financial reporting, ensuring regulatory compliance?
When you run an SME, you tend to wear many hats. For example, this morning I’ve been talking to the finance team, I’ve had a call with the sales team and I‘ve been looking at an export customer who’s got some issues on regulatory paperwork. Whilst I wear a whole range of hats and have experience in each sector, I can’t be an expert in each sector. So, we look at using experts wherever possible to give us that guidance and mentoring to make sure that we are doing the right thing and making the right decisions. There are also time constraints. I could spend 2 hours or 3 hours analysing some data and that Wilby Jones could do quicker. That time would free me up to concentrate on other aspects for us as a business as we grow.
How did you find the accounting process provided by Wilby Jones?
Wilby Jones fully understands what we do, how we do it, and why we do it. The accounting department, Ben in particular, brings years of experience and is really well suited to advise us as he has a great understanding of our business. It’s a seamless and easy process and one less thing I have to worry about. Wilby Jones isn’t just an accounting firm, it’s somebody who knows us well and we treat them as part of our team. Their number is on speed dial!
Can you think of any challenges that have been overcome as result of working with Wilby Jones?
We are embarking on an R&D and Patent Box journey which could pose some challenges. We’ve partnered with other R&D advisors before, but we’re now looking to switch to Wilby Jones. We’ve built a great relationship with Ben at Wilby Jones and this has persuaded us to switch to them for R&D as well as accounting. It’s hassle free and gives us peace of mind. There are many aspects to accounting that are really time consuming, which can be a real challenge when running a business day to day. Having a trusted advisor to offer guidance and support makes a real difference. For instance, recently handed over payroll, a particularly time consuming activity, to Wilby Jones.
It was great talking to you Andy and thank you for your time. We look forward to many more years of this successful partnership!
