Client Stories

Petrico Ltd – navigating Brexit

The Business

Founded in 1987, Petrico Ltd is a specialist global distributor of petroleum and chemical products with extensive experience in the lubricants and additives industry.

The company has a well-established reputation, well-known for its service excellence, wealth of knowledge, and commitment to providing products, technology, and sustainable solutions.  

Petrico Ltd has a rapidly-expanding customer base and already has operations in France, Spain, Scandinavia, Central Europe, Eastern Europe, and more.

The company works in partnerships with a wide range of businesses, from small niche distributors to global multinationals.

As an ISO 9000 certified company, safety, responsibility, and integrity are very much at the core of the business. 

The Challenge

Petrico Ltd had a strategic growth plan – to acquire complementary businesses and to expand its portfolio of products by working with more specialist global multinationals.

With this plan in place, Petrico Ltd needed timely bookkeeping, VAT and Business Intelligence support which IN Accountancy were able to provide.

Being acquisitive by nature, the Petrico Ltd management team had seen how many companies run into serious trouble during their growth phase due to poor financial management.  

With a complex structure, Petrico relied heavily on IN Accountancy for advice on how to effectively remunerate and reward key personnel, navigate the challenges of Brexit, and indeed manage the relationship with their Dutch accountants to provide both timely and accurate information.

The Solution

As Petrico Ltd began to scale and grow, IN Accountancy adapted the services provided to the bespoke needs of their client.

Initially IN Accountancy took care of all bookkeeping and reporting responsibilities by sitting a team member in the Petrico Ltd offices on a monthly basis.

We were quick to recognise when it was approaching the tipping point where it would be more cost effective for Petrico Ltd to employ someone in house to deliver the day to day accountancy needs, at which point we were happy to assist with the training of this individual, and took a step back to simply oversee their work and sign off the monthly management information and VAT submissions

The Results

IN Accountancy’s attention to detail, pro-activity and speed of response proved essential when, in early 2021, Petrico Ltd was acquired by Krahn Chemie, a family owned German chemical distribution company.

The fact that the new owners have kept the incumbent accountant IN Accountancy speaks volumes about the level of service we deliver for all our clients.

“IN Accountancy provide a wide range of services to my company from compiling monthly management & annual accounts, to VAT & Corporation tax, PAYE & payroll and providing general advice when needed. They are a great team, very professional and extremely diligent in all that they do for us.” Andy Lamb, Managing Director

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