Dragons’ Den backed entrepreneur seals £5 million acquisition
Entrepreneur Jordan Daykin has built on the success of claiming £80,000 from Dragons’ Den judge Deborah Meaden in 2014, as the company which gained investment, has announced the acquisition of VPS Group Ltd.
GripIt Fixings has purchased VPS Group for £5 million and has plans to raise significant funds and capitalise on the booming number plate market.
Founded in 2004, VPS Group was originally established to supply temporary labour to vehicle manufacturers. Since making a name for itself as a leading contract supplier for the automotive sector, the company operates in Bristol, Southampton, Swindon, Sheerness and Killingholme, employs 160 people and turned over £5.1 million in 2017.
In 2016 Daykin appeared on Dragons’ Den ‘Pitches to Riches’, when GripIt Fixings was valued at £10m, making it the most successful Dragons’ Den business in history.
Now, the company, which operates from five industrial units across Wiltshire, is valued at £20 million and has completed two successful crowdfunding rounds – the most recent of which raised just over £2 million from more than 1,400 investors via Crowdcube. In 2017, Daykin grew staff numbers from 5 to 47 and increased revenues by 350%.
Speaking about his new business venture, Daykin said: “There is such huge potential for Vehicle Preparation Services Group to build on its excellent industry reputation by branching into new markets and capitalise on the booming automotive industry.
“I’m extremely fortunate to have a strong management team in place, who have ensured the company has been profitable since day one. I’m very proud to take over as CEO of the company my father started in 2004, and by using what I’ve learnt while growing GripIt Fixings I’m committed to getting the very best out of our talented team and taking VPS Group from strength to strength in the coming years.”
VPS Group’s director Richard Davidson, added: “We’re very excited by the news of Jordan acquiring VPS Group. Having seen first-hand his success with GripIt, the whole team is looking forward to a busy 2018, implementing the new growth strategy and working alongside Jordan as our new CEO.”