They’ve done it...
Turnaround for tooling firm is Absolutely amazing
Friday 27th June
Cheap overseas competition has proved a death knell for many businesses over recent years, but one Barnoldswick engineer has turned the situation around in his favour with help from a local mentor.
Tony Wharton, who is managing director of Absolute Tooling Ltd, found himself in the now common situation in which his customers were shopping abroad where they could buy products for less money.
Confident in his company's highly specialist tooling development, production and engineering service, Tony vowed to overcome the loss of a major client and enlisted the help of a Guardian Angel to provide advice and support.
Run by Blackburn's Community and Business Partners (CBP), a partner of No Limits, Guardian Angels are specialists in putting local businesses in touch with skilled entrepreneurs and business mentors.
Jane Houghton-Fenning, Business Development Manager, Guardian Angels, said: "It is vital for us to match the business with the right Guardian so as to help the business grow and prosper.
"Our Guardian Angels come from diverse backgrounds - some run large organisations and can translate their corporate knowledge to the local businesses. Others are entrepreneurs who run their own thriving businesses. All are specialists in their fields and highly successful experienced members of the business community."
They paired Absolute Tooling up with Wendy Bowers of Hilton Bowers Associates, who immediately undertook a three day diagnostic exercise.
Wendy put in place arrangements with key Crown creditors to allow time for the business to recover and initiated a programme of support to being the business back into long term feasibility.
A £1,000 marketing support package was introduced to guide the development of new business and draw the business away from over-reliance on a limited number of clients.
With the business on a more sound footing, they approached further No Limits projects for joint funding to enable the business to develop.
Money was employed to purchase CNC milling and lathe equipment which helped the business develop and grow further still.
It was early 2006 when Tony first called on Guardian Angels and now, two years later, the company is in a much healthier state and in a position to recruit new employees.
The company now also takes sub-contracting work from Burnley and Nelson businesses, further adding to its portfolio and spreading the risk.
Tony said: "The turnaround has been unbelievable, considering how bleak the future looked at one point. I am very grateful for the help and support I received.
"I think it is important that you are willing to allow others to help. I was given the expertise of an individual who had seen it all before and could take an objective view of the operation. She has been the key to Absolute Tooling's revival."
