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news & events / Case Study: Funding helps Bromsgrove tax consultants double in size

31
Jan 18

Case Study: Funding helps Bromsgrove tax consultants double in size

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Bromsgrove based tax consultancy, Woodshires Business Solutions Ltd, has seen its business double in size after funding from the Worcestershire Business Loan Fund allowed them to employ additional staff.

Established by father and son team Paul and Stuart Wood in 2014, Woodshires Business Solutions is unique in consulting on up to twelve specialist tax allowances, reliefs and credits, which has resulted in substantial tax refunds for its clients across the Midlands.

After initially predicting £50,000 sales in year one, Woodshires beat all expectations and recorded £250,000, and doubled that to £500,000 by year 3, as clients and accountants alike saw value in its niche offering.

Funding from the county’s business loan fund helped the company improve cashflow, update its website and employ two staff members to support the directors with business development and office administration.

The Worcestershire Business Loan Fund, which is run by regional lender BCRS Business Loans and Worcestershire County Council, supports the growth of Worcestershire based businesses that are struggling to access finance from traditional lenders. Viable small and medium sized businesses operating in most sectors can secure loans from £10,000 to £150,000 through BCRS Business Loans to enable growth and employment.

Paul Wood, Managing Director of Woodshires Business Solutions, said: “We are passionate about helping businesses secure the tax reclaims they are entitled to and pride ourselves on being trustworthy and professional. We are working with an increasing number of accountancy firms – right from the likes of KMPG to smaller local practices – who are looking to enhance their service by using a tax specialist such as Woodshires.

Stuart Wood, Director, added: “We specialise in twelve areas of business, property and personal tax solutions; including R&D tax allowances, stamp duty land tax, relevant life insurance and much more. Securing this funding really enabled us to grow. Angie, who helped us through the application process, was excellent and incredibly supportive.”

Angie Preece, Business Development Manager for Worcestershire, Gloucestershire and Herefordshire at BCRS Business Loans, said: “When I first met Paul and Stuart, their knowledge and passion for tax consultancy shone through and after looking through their business plan I could see that Woodshires would be a success. We believe in local businesses and are committed to supporting their growth with a relationship-based approach to lending. For us, no viable business should go unsupported.”

Ken Pollock, Cabinet member at Worcestershire County Council, who co-financed the loan with BCRS said; “Paul and Stuart are great ambassadors for small business. It is always fantastic to see people following their growth ambitions and the Loan from BCRS has helped them achieve their aspirations, to double turnover and take on new staff members. This is at the heart of what we do, with the Council being committed to being ‘Open for Business’ and seeking to enhance the prosperity of the County. Well done to the team for all their work supporting Woodshires and to Stuart and Paul – good luck with the next phase of your business growth.”

To discover more about BCRS Business Loans, please visit bcrs.org.uk or call us on 0345 313 8410.

To discover more about Woodshires Business Solutions visit woodshires.co.uk or call 01527 549797.

Woodshires are co-hosting some free seminars in Worcestershire where you can learn more about how they help clients and professionals 14th February at the Chateaux Impney and 21st March at the Worcester Warriors. Book at https://www.eventbrite.co.uk/e/food-for-thought-event-tickets-42199815785

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