Dundee-headquartered Pryme Group, which provides integrated manufacturing solutions, has outlined an aggressive growth strategy which could see the firm’s turnover more than treble.
Newly appointed CEO Angus Gray will help drive development of the business towards being a major player across the oil and gas, defence and aerospace sectors.
Mr Gray brings a wealth of experience, having worked for leading blue-chip organisations including Mahle Engine Systems, Siemens Healthcare Diagnostics and Motorola.
A graduate of the University of Strathclyde, Angus most recently held a senior director position at a private equity-backed manufacturing company before taking up the new post in January.
He is supported at Pryme by chief financial officer Frank Watson and strategic commercial director Murray Kerr.
Pryme expects to achieve turnover of over £19million for its April 2018 year-end – a projected increase of nearly 20% on the £16million it recorded this year.
It is targeting significant growth by the end of 2020 through a combination of organic growth and strategic acquisitions that will complement the group’s existing portfolio.
Over the same period, Pryme expects to nearly double its headcount from the current level of 240 to over 400. The business is predominantly focused on the UK market, though expansion into Europe and the Middle East is anticipated in the future.
Angus Gray said: “Firstly, I’m extremely pleased to have been given the responsibility of taking Pryme Group forward through its exciting growth plans. The new leadership team we have in place here, with wide-ranging experience honed over many years, positions the business perfectly to achieve our objectives over the coming years.
“My fellow directors and I are fully committed to diversifying the business further by extending existing premises, investing in new, purpose-built facilities and developing a new one-stop shop service, including surface treatment and machining, aimed specifically at the defence and aerospace sectors.”
In November 2016, Pryme acquired a majority stake in Aberdeenshire-based engineering firm SengS for an undisclosed sum. The company’s founder, Murray Kerr, has since taken on a newly-created role within Pryme that will allow him to concentrate on business development and achieving operational efficiencies across the broader Pryme Group.
Murray Kerr said: “Pryme Group offers something truly unique to the market in terms of our broad range of complementary services, all delivered under the Pryme banner. This joined-up approach, in line with our vision and objectives for the next few years, promises to deliver a step change for the oil and gas, defence and aerospace industries.
“We have identified clear gaps in these key markets where our expertise and capabilities can bring the greatest benefit to clients the length and breadth of the country.”
Pryme is majority-owned by Simmons and Company International’s private equity fund, which was established in 2008 to support the growth of small to medium-sized energy service businesses and currently has £160million under management.