Case Study: SciMed
A market leading distributor of laboratory equipment to industry and academia, SciMed also provide after sales service and support to clients in wide ranging industries such as petrochemical, pharmaceutical, oil and gas and waste management to name but a few.
Since acquiring the business in 2012, Directors Adam and Paul have diversified the product range and successfully tripled the turnover from a fairly stable £3.5m to approximately
£10m today. They have grown the headcount from 12 to 26 during this period while maintaining a highly profitable position.
What did SciMed hope to achieve?
Before SciMed came to IN Accountancy they were being audited remotely by KPMG’s Inverness office and getting little or no service or advice.
They were paying significant fees but had no point of contact who they could turn to should they have any queries.
The business was growing quickly, and both directors were experienced in their own technical areas, but new to running a business.
How IN Accountancy was able to help
Not only did SciMed make massive savings in accountancy fees, they also made large tax savings by reviewing the way they remunerated directors and other key people.
IN Accountancy is more than just a provider of accountancy and tax services for SciMed – they have become a true ‘trusted advisor’ for the business and management team.
How does SciMed continue to benefit?
SciMed have their own internal accountant completing the day to day bookkeeping and management information packs, with IN Accountancy stepping in at year end and as tax advisors for both the business and the directors.
The directors appreciate having a relationship which goes beyond the transactional and know they can trust the team at IN Accountancy to challenge them and to ‘tell them exactly how it is’, good and bad.
IN Accountancy understand the commercial side of the SciMed business, are proactive with their advice and ideas and provide a platform for broad, open and thought provoking discussions.
I have used IN Accountancy for both my personal tax and company accounts since their inception in 2012. As they have grown we have not seen any reduction in their top class service – if anything the contrary as they have added services to their offering. Prior to using IN Accountancy our business accounts were performed by one of the big 4. Since moving to IN Accountancy we get a much better quality of advice and service for a fraction of the price. I have recommended Sarah, Andy and the entire team at IN Accountancy to others and will continue to do so.Dr Adam Rucklidge , Director SciMed Ltd