Back
Nottingham Platers logo
Nottingham Platers Ltd

Case Studies

Sprucing up a specialist chrome plating business

Nottingham Platers Ltd is a specialist decorative chrome plating company. Operating from a large 1.1-acre site, the company provides a full range of services from stripping old work, polishing to prepare new work, chrome plating, and packaging of finished goods in Nottingham.

Founded in 1982, Nottingham Platers has established itself as a comprehensive one-stop shop for most plating needs. The company carries out work for engineering companies, shop fitters, tool manufacturers, and countless other industries.

By 2017, the company’s 72-year-old owner was tired of running the business and was looking into a retirement sale. After reaching out, the owner and I immediately found a mutual respect. Despite our very different backgrounds and experience, I was able to provide him with reassurance that the business he had carefully built up over his career was going to be well looked after and in a safe pair of hands.

Visit website

Business objectives

  • To facilitate the retirement of the CEO and business owner
  • To map out and implement an effective succession plan.
  • To build upon the company’s strong name in the sector and modernise the business to ensure its future.

My approach

  • I worked alongside the company’s owner to understand his wishes for the business going forward. Given the care and hard-work he had invested in his business, it was important for me to bring about changes which were in line with the owner’s ambitions and values.
  • While the company was a well-established operation with a strong name in its sector, I felt it needed modernising in some key respects. I set about introducing changes to the staff structure and hierarchy making the business leaner increasing accountability.
  • Post completion, I introduced paperless monitoring of key performance indicators, improvements to the Operating Profit, and mitigation of taxes using R&D relief. The company has had several challenges but continues to perform well and be in high demand among its customer base.

I had been trying to sell my business for many years so I could retire. After quite a few costly forays with selling companies, I was fortunate to meet Steve.

Steve immediately recognised the ongoing potential of the company I had started many years ago. Following an informal conversation, I was convinced he had the skills, resources, and business insight to carry the business forward in line with my vision.

Following the official conclusion of our agreement, the forecast results were exactly on target. When COVID hit and disrupted the business, Steve was even able to secure grants and financial aid which helped the company through the worst periods. Thanks to his proactive direction, the future of the company is already looking brighter.

Another priority of mine was to ensure our loyal workforce was well looked after. I’m extremely happy to say the transition under new management has been smooth and the team has remained intact.

Throughout the process, Steve has continued to demonstrate a knack for innovative and productive business strategies. I’m glad to have met Steve and to know that Nottingham Platers and our workforce are well taken care of.

Martin Humphries,
Former M.D and Full owner of Nottingham Platers Ltd