TIMCO has seen turnover increase 14%, to £49.7m for 2020, and foresees 2021 turnover hitting £60 million.
The rapid growth has seen the firm grow its Nantwich, Cheshire facility. Investing £1.1m, TIMCO has increased its warehouse space to 120,000 ft², introduced further automation for greater efficiency and has also secured six acres of land adjacent to its current site which will allow it to double its storage capacity, increase parking and grow the offices in years to come.
The company has also undergone a recruitment drive. Both the Management and External Sales teams have been further strengthened this year, including seven new Regional Business Consultants bringing the total 20 as well as the appointment of a new Digital Platforms Manager and a dedicated Ironmongery Product Manager.
Mirroring many businesses in the fastener, tool and related industries, TIMCO experienced a surge in demand for its products, driven by home improvements, the buoyant housing market and new infrastructure projects.
“We are delighted that, despite a challenging year with the pandemic and shortages of raw materials, we have been able to grow the business significantly,” said Managing Director Simon Midwood. “With our 50th year in business nearly upon us, we aim to grow even further and predict a £60 million turnover when our accounts are finalised for 2021.”
TIMCO sees online sales soar
Established in 1972 by Tim Midwood, the family business is now led by the son of the founder, Simon Midwood. As the company has grown, TIMCO said it has remained committed to retaining its core values as a family run business that seeks to provide industry-leading support, services and products to its builders’ merchants. It aims to be a ‘one stop shop’ for those merchants and to help them grow their business through the implementation of a broad range of services and support functions which are known as “the TIMCO hug”.
The TIMCO website was re-launched before the pandemic, and the firm has seen online sales increase from 20% to over 50% of all sales within the last 12 months. This has been accompanied by extensive rebranding during the pandemic to align all the products under the TIMCO brand, which are featured in the company’s latest product catalogue. Next day delivery and direct to site deliveries have all been introduced to help customers sell more products.
This year, TIMCO has launched over 750 new lines including this month’s new range of Personal Protective Equipment (PPE) and a new range of hand tools by the year end.
Midwood also emphasised the importance of excellent customer service: "We are always looking at ways to further support our customers and provide industry leading service to our merchants. Our team has been trained to take a ‘Dear Mum’ approach where they look to treat both fellow employees and customers in the same way that they’d like their own family members treated – well supported, with respect and going the extra mile to deliver excellent service.”
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