The future is looking bright for a leading County Durham-based manufacturer, following expert support – including vital research and development (R&D) tax credit advice – from accountancy firm Haines Watts.
Alongside tailored support to reclaim R&D tax credits, the top 15 national accountancy firm, with regional offices in Newcastle and Darlington, provided a range of additional services including a management reporting and information systems review, growth strategy and forecasting to help the company get back on its feet.
Redrose Manufacturing is an industry leading producer of vitamin and mineral supplements, employing 32 staff at its 10,000 sq. foot factory. The company manufactures high-quality health and beauty products including nutraceuticals, tanning products and insect repellents for corporate customers.
The business sought a trusted accountancy partner to negotiate its way through a series of monetary challenges. Having worked extensively with Redrose over the last three years, Partner at Haines Watts, Steven Richardson commented: “When we began working with them, this reputable company was fighting through one of the lowest points in its 14-year history. At its core, the business had a strong offering, with loyal customers, excellent products and knowledgeable staff.
“We quickly identified that the company was not making effective use of R&D tax credits, so we were able to prepare a backdated claim, generating a substantial cash refund from HMRC, which helped with their immediate cash flow issues. A negotiated buyback of shares from a minority shareholder was also arranged.”
“The management team were absolutely determined to help the business convert a difficult situation into a workable solution. We’ve worked tirelessly with them throughout and are pleased to report that, following our involvement, alternative funding opportunities and new systems have been put in place. This has helped to secure an exciting future for customers and staff alike.”
Haines Watts offers a range of accountancy services for SMEs and aspirational business-owners. Its team began working with Redrose via a direct referral from fellow client, The Works – a creative, digital and web agency, also based in Durham.
David Goodings, Managing Director at Redrose, said: “Haines Watts has fulfilled all of our accountancy requirements, initially commencing work during a difficult period for the business.
“The team provided a full range of services and have been a pleasure to work with. Their knowledge, advice, ideas and suggestions have massively improved Redrose and the business is now looking forward to a much sturdier future than before the relationship commenced.
“I would draw particular reference to the corporate finance and tax work they have completed on our behalf, including in the area of R&D.
The team at Haines Watts worked in an extremely proactive way to look at future business planning and improved cash flow projections, which will further improve our organisation, making it more profitable and sustainable in the long-term.”
Haines Watts is a leading advisor to owner-managed businesses in the North East. The firm provides ambitious business owners across multiple sectors with the tax, compliance, corporate finance, and strategic business advisory services they need to grow.