Company news Welsh printer turns it around to win national award
Welsh printer turns it around to win national award
Pontllanfraith based magazine printer, Pensord Press Ltd has scooped the prestigious Turnaround Award at The BPIF (British Printing Industries Federation) Excellence Awards 2006 - the printing industry’s ‘oscars’.
The Awards the BPIF claims “the only awards that tell your customers, suppliers, employees and investors that you run an excellent business” took place at the Hilton Birmingham Metropole. Pensord prints over 200 magazine titles for some of the country’s leading magazine publishers. The company won the award for achieving a significant positive turnaround in its business - on financial performance, on its approach to solving business problems, and its potential for lasting improvement.
The achievement reflects the company’s performance since Chief Executive Tony Jones undertook a management buyout of the company from an investment group in June 2003. Underinvestment in the business had seen a decline in fortunes, but the past three years have seen Pensord turn the corner from a loss making company to returning a profit, and sales growth of over 40%. The company has recently been selected to join the Welsh Assembly Government’s KB4B programme.
Tony Jones said: “We are absolutely delighted to win such a prestigious national award and proud to carry a flag for Wales. At the time of the MBO we recognised the potential of the company and especially the people working here. Recognition such as this is a just reward for their commitment and hard work.”
Pensord avoided using venture capital in the MBO and staff and customers have been kept fully appraised of developments along the way. And these developments have been significant.
Investment since June 2003 totals over £7.5m, notably in three 8 unit perfecting presses, boasting the latest feeder and delivery technology. Pensord has also been keen to develop its people and has provided extensive training in all key areas. A stakeholder scheme was introduced to offer free share options to staff, the introduction of a Pensord Charter set out the principles by which the company operates, and a Charitable Trust was established to provide funds for good causes, raising more than £11,000 for the Hospice of the Valleys in its first year.
Finance Director Graham Lambert said: “Our turnaround was achieved by being conservative in planning, communicating frequently and openly with all stakeholders, adopting a marketing-led approach, delivering on promises and consistently out-performing targets.”
Tony Jones again: “We have been very careful to ensure that growth is controlled, to maintain our high levels of service for customers. Customers are at the heart of everything we do here, and it is down to them, and to our highly committed staff, that we find ourselves in this privileged position.”