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Detecting a gap in the market PDF Print E-mail
Thursday, 22 June 2017
Consumer products, particularly those that cross international boundaries, are subject to X-ray and weight tests by specialist machines. It is essential that these machines are calibrated and tested frequently with small fabricated pieces of metal or plastic to ensure they are in working order. Despite their simple design, the number of companies that produce them is limited and this is where Northampton-based Mediumz Ltd have found their success.

Adam Bazeley and Glenn Griffiths founded Mediumz Ltd in 2004 after discovering a niche in the market to produce metal detector and X-ray test pieces. The firm’s primary customer base is the pharmaceutical and food industries which both have strict regulations requiring products to be tested at various points within production for any form of contamination.

Glenn and Adam spent many years working as Plastic Fabricators and Engineers before founding Mediumz Ltd and have subsequently grown the company into a 13-strong team based in Northampton. Frequent repeat purchase orders and excellent customer service has resulted in Mediumz Ltd growing steadily over the last seven years.

Exports makes-up around 80 per cent of Mediumz Ltd’s sales as the firm serves customers in 68 different countries around the world, with the largest customer bases in Germany, Spain and USA. But while exporting brings opportunity, it also brings challenges with cashflow due to differing payment times of customers around the world.

To overcome this issue, the business turned to specialist Export Finance provider, Bibby Financial Services. Since this time, Mediumz Ltd has exceeded forecasted sales by more than 20 per cent.

Glenn Griffiths, Operations Director, Mediumz Ltd said: “We worked as plastic fabricators & engineers when a customer asked if we could make them some test pieces for metal detectors. After researching the product a bit further we realised there was a huge gap in the market for a company that specialises in these types of products.

“We’re a highly export-focused business, which offers huge advantages, but it also presents some challenges, including customer payment time and language barriers.”

“Having such a diverse and internationally focused ledger meant that we needed a global funding partner that understands and operates in overseas markets. Not only does BFS have a specialist export finance product, its multilingual and multicurrency capabilities are a big help.

“Collecting payment from overseas customers was an area where we had experienced difficulty in the past, but the bilingual team at BFS has made a huge difference. Since working with BFS, we’ve been able to take on more export orders and grow our business accordingly.”

Craig Dunell Managing Director for International at Bibby Financial Services said: “MediumZ is a truly unique business and one which has seen significant rewards from finding a gap in the market and exporting to markets further afield.

“It is a fantastic example of a business that has been able to leverage the benefits of export finance, to improve cashflow and flourish overseas.”
 

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