Son buys his father’s firm (original) (raw)

DRAGON’S Den star Jordan Daykin from Trowbridge has bought the company his father founded - for £5 million.

The Melksham-based young entrepreneur has purchased Wiltshire-based Vehicle Preparation Services Group Ltd (VPS) to diversify his business portfolio.

Mr Daykin, 22, burst onto the scene in 2014 as the youngest-ever entrepreneur to receive investment on BBC’s Dragon’s Den.

When he was just 18, Dragon’s Den investor Deborah Meaden ploughed £80,000 into his fledgling GripIt Fixings business based in Melksham.

Her quarter share of his company, which also has a unit in Warminster, is now worth £2.5 million.

After buying VPS Group, the automotive contract labour company founded by his father Nigel Daykin in 2004, he has plans to raise significant funds and capitalise on the booming vehicle number plate market.

Mr Daykin has been on the VPS Group board as a non-executive director for two years, offering strategic advice to the company.

He said: “I’m very proud to take over as CEO of the company my father started in 2004.

“By using what I’ve learnt while growing GripIt Fixings I’m committed to getting the very best out of our talented team and taking VPS Group from strength to strength in the coming years.

“There is such huge potential for VPS Group to build on its excellent industry reputation by branching into new markets and capitalising on the booming automotive industry.

“I’m extremely fortunate to have a strong management team in place, who have ensured the company has been profitable since day one.”

VPS Group’s director Richard Davidson, said: “We’re very excited by the news of Jordan acquiring VPS Group.

“Having seen first-hand his success with GripIt, the whole team is looking forward to a busy 2018, implementing the new growth strategy.”

VPS Group, which operates in Bristol, Southampton, Swindon, Sheerness and Killingholme, employs 160 people and had a £5.1m turnover last year.

Since making a name for itself as a leading contract labour supplier for the UK automotive sector, the VPS Group has expanded and now has five main revenue streams, including a growing number plate manufacturing arm.