A Glenrothes business, bought out of administration in November 2015, has secured a contract to provide power connectors to one of the biggest electricity and water authorities in the UAE.
Phase 3 Connectors Ltd, which has been helped by Business Gateway Fife, estimates the new contract will be worth around £1m and will provide the company with a potential route into Abu Dhabi, Qatar, Oman and Saudi Arabian markets.
The company, which is managed by Andy Glachan, saw its turnover increase from £2m to £3.3m to end of December with staff numbers more than double from seven to 17 in 2017.
As well as supplying its power connectors to the XXIII Olympic Winter Games in PyeongChang, the 2018 FIFA World Cup in Russia, and the Gold Cost 2018 Commonwealth Games, the business will begin targeting the North American market this year having secured UL accreditation in December.
Company Director, Andy said: “Previously Phase 3 had focused solely on supplying the entertainment industry but we’ve consciously widened our reach, as any sector that requires power generation will need the connectors we produce – from hospitals to power stations, sports grounds to the military. Securing a number of large contracts and gaining UL accreditation this year highlights a significant shift for the business and showcases the quality and reliability of our product and our outstanding customer service.
“When we first looked at buying the company we approached Business Gateway Fife to tap into its local knowledge and find out what support was available to us. Since then our adviser has opened a lot of doors for us. He helped us secure 50% funding from the Fife Investment Fund to build a new website which was an instant success, providing us with a professional shop window. His input also helped us successfully apply for a £180k Regional Selective Assistance grant to create jobs. His knowledge and connections have been invaluable.”
Charles Doeg-Smith, Business Gateway Fife, said: “When the original company went into administration Andy immediately saw an opportunity to turn it around. Using his years of experience, he has set out a new path for the business and is growing a strong global reputation for the product range. Over the past two years we have worked closely with the management team, providing local knowledge and expert advice that has helped them secure funding and create a bright future in Glenrothes.”
In May 2016, Phase 3 Connectors Ltd signed a five year lease on its Glenrothes base in Naysmyth Road, providing job security and a long-term commitment to the local area. The company also obtained ISO 9001, cementing the fact it consistently provides products and services that meet the needs of its customers.
Andy added: “What we want to do is take the business to the next level. It was always our intention to keep the main thrust of the business in Glenrothes, where the skills and supply chain already existed. That was a no brainer. Year-on-year our focus will be to grow the business in turnover and reputation and we don’t envisage that being difficult. We manufacture, assemble and distribute everything we sell making the business the most competitive on the market and one that can deliver with reduced lead times.”
For more information on Phase 3 Connectors visit https://p3connectors.com/.
If you would like to find out how Business Gateway Fife can support your business, please contact us on 01592 858333 or email firstname.lastname@example.org