POWER BODY NUTRITION STRENGTHENS EUROPEAN EXPORTS AFTER GARBUTT + ELLIOTT APPOINTMENT
We appointed Garbutt + Elliott to help us achieve our aims and we have been impressed with the firm’s forward-thinking approach and excellent service that has enabled us to take the first step towards our goals Arthur Magnuszewski Power Body Nutrition
York-based bodybuilding and health supplement distributor Power Body Nutrition has appointed accountancy firm Garbutt + Elliott to provide business advice as it looks to enhance its presence and sales in Europe and beyond.
The company was launched in 2007 and supplies more than 8,000 products from more than 150 brands to a variety of shops and gyms around the UK and in Europe.
Power Body Nutrition is projecting turnover growth of 58 per cent in 2018 as it continues to expand its export operation. In January turnover was over £2m, an 83 per cent growth on turnover in the same month in 2017
The business appointed York and Leeds-based accountancy firm Garbutt + Elliott to provide a range of accountancy and financial services to support the continued rapid development of the company, especially their international trade plans, including expanding their distribution in Europe.
A new warehouse in Dunnington, York has enabled Power Body Nutrition to significantly increase the variety of supplements stocked and available to customers.
Arthur Magnuszewski, finance manager at Power Body Nutrition, said: “We have grown rapidly since launching our businesses and we have ambitious plans for further expansion in Europe and beyond.
“Our new warehouse has enabled us to significantly increase the variety and quantity of products we stock and we have been able to increase our exports as a result.
“We appointed Garbutt + Elliott to help us achieve our aims and we have been impressed with the firm’s forward-thinking approach and excellent service that has enabled us to take the first step towards our goals.”
Working predominantly with growing and entrepreneurial owner-managed businesses based throughout Yorkshire, Garbutt + Elliott operates across a diverse range of sectors including retail, manufacturing, food, brewing, creative arts, digital media, property, construction, horseracing, charities and not-for-profit.
Garbutt + Elliott partner Jeremy Oliver said: “Power Body Nutrition is a growing business with ambitious plans for further expansion in Europe and around the world. We are pleased to have provided them with financial projections which have already helped to secure some much-needed growth finance for working capital.
“Our business tax team specialists have also worked with Power Body to identify and receive a research and development claim on the IT system they have recently developed, whilst our VAT team have reviewed their records for compliance with VAT and Customs & Excise tax on the import and export aspects of the business.
“This is a great business success story for York. We are confident our input and support to the Power Body Nutrition team to date is the start of a long and successful partnership, and we look forward to being a part of their continued success.”