This is a story I received today in the form of a press release. I hope I am proved wrong, but I suspect that you will not read anything about this in the press. Why? Because newspapers regard every day as a good day for burying good news. I can only extend my apologies to Mrs and Mrs Ward-Henry that instead of the pink pages they find themselves here.
Here it is:
"Hello, our names are Michael & Sarah Ward-Hendry and this is our story as we lurch into the economic tempest that has enveloped us all.
Having started our business
Ward-Hendry Photography near Banbury with nothing but personal debt and a great idea following redundancy, we have achieved 5 years of 100% year-on-year growth. Ward-Hendry (as we are known) has become the outstanding schools photography company in the UK and Ireland.
On Wednesday 28th January 2009, we met with our bank, Lloyds TSB, at our offices to review the business's financial performance and hopefully secure the bank's ongoing support regarding existing overdraft facilities and working capital. We were concerned that in the prevailing economic situation the bank's view would be driven by the need for caution.
The outcome of the meeting was not good...it was indeed fantastic and as good as we could have imagined it might be!
In an atmosphere of almost total uncertainty in all aspects of normal day to day business life in the UK, we have received the endorsement of Lloyds TSB for our ongoing overdraft and working capital requirements for the coming year.
From humble beginnings as sole traders working from a wooden shed at the top of our garden in January 2004, the business today employs 35 people, with annual sales in excess of £1.5m expected for the financial year ending March 2009.
Our offer is strikingly contemporary and compelling to the hundreds of schools and hundreds of thousands of parents who are our customers throughout the UK and Ireland.
We are formally endorsed by the National Association of Head Teachers (NAHT) as a 'Partner' of the Union, which represents a membership incorporating over 80% of Primary School Head Teachers, Principles and school leaders in England, Wales and N. Ireland. We are also a 'Sponsor Partner' of the Specialist Schools and Academies Trust (SSAT) where our offer receives similar endorsement and credibility to in excess of 3,000 state senior schools in England and Wales.
We plan to continue our acquisition of market share in the coming year with the aim of achieving £2.4m in sales and employ an additional 10 staff.
The signs are good for our continued growth and it would appear that Lloyds TSB are indeed true to their word and will support viable, sound businesses as we all continue our journey to broader economic recovery."
Labels: Banbury, Lloyds TSB, Michael Ward-Hendry, National Association of Head Teachers, Sarah Ward-Hendry, Specialist Schools and Academies Trust.