A Cardiff-based office supplies company has made a major acquisition in a bid to grow its turnover and expand its services into Cornwall and Plymouth.
SET Office Supplies is expecting to record a £25 million turnover this year following the acquisition of the Martin Luck Group, which it purchased out of administration.
The office supplies firm is now utilising its acquisition – the biggest that the company has made to date – to further its organic growth. It is already Wales' largest independent office supplies firm, expanding rapidly since its opening in 1974 and selling a range of office supplies from its offices across Swansea, Cardiff, Bristol, Haverfordwest, Cornwall and Plymouth.
Staff numbers now stand at 237 following the acquisition, which secured 64 jobs in the South West of the country.
Neil Griffiths, SET’s managing director, said, “Most of our growth has been organic and this is the first time we’ve acquired a business of a significant size. We previously bought a company in Bristol that was doing £180,000 a year and it is now doing £4m-plus.
“Profits made by the business are reinvested in the business for future growth and to make us financially secure for the next 20 years. We are looking at organic growth over the next two to three years unless something comes along that’s a perfect fit for us,” he added.
Prior to its administration, the Martin Luck Group had a turnover of £7 million.