Strong first year for Great Yarmouth supply firm
A Norfolk-based firm supplying the oil and gas industry has marked the end of its first year in business by posting a seven-figure turnover performance.
Midexco, which operates out of Great Yarmouth, is a procurement supply specialist for the oil, gas and energy market.
It was established just over a year ago by four people with more than 45 years combined experience in service, support and supply chain management.
In that time, it has built up a list of 78 clients including major players such as BP, BHP and Perenco and operates in 14 countries including Kazakhstan, Algeria, Tunisia, Pakistan, Saudi Arabia, Egypt and until the conflict flared it operated in Libya.
Sales director Phil Turner said: 'Our core business is pipes, valves, oil and gas fittings but we also do electrical parts, consumables and hydraulics.
'Basically, our customers come to us with a list of the goods and materials they are looking for and we source those from across the world and put together a package for the client.'
Only about 10pc of the items go through the company's Gapton Hall Road premises, the remainder goes direct from supplier to client. The company is ISO 901 registered for the parts that pass through Yarmouth.
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Some of the items sourced cost a few pence, while others run into tens of thousands of pounds.
Along with Mr Turner, Midexco is run by Adam Thurtle (sales manager), Ken Plane (internal sales) and Jo Smith (internal accounts).
'It has been a good first year for us. We have 78 clients, had over 3,000 inquiries, work across 14 different countries and have a turnover in seven figures,' said Mr Turner.
The company's success has seen them operate in countries which have had a volatile year with political instability and uncertainty in places such as Tunisia, Algeria and Egpyt but it has managed to maintain supplies to its customeers.
'How we have managed to do that is to offer a service and be here for them when needed, but we have been supported by our clients as well,' he said.
'There have been difficult periods but once over them, business in those countires has come back with a vengeance, particularly in Algeria.'
The company deals with about 300 different suppliers, with a core of 150, that have been able to work with Midexco to offer competitive prices to clients, he added.
'It has been hard work and there have been worries but it has been a great first year to look back on,' said Mr Turner.
'People have said it may not have been the best time to sart up a business, but we have done well and received a lot of support and help from Great Yarmouth Chamber of Commerce along the way.
'For the future, we are looking to expand our sales force and our stock range.'