Chepstow-based Reid Lifting, a manufacturer of lightweight gantry and davit cranes, is this week celebrating, having claimed it’s fourth Queen’s Awards for Enterprise.
The accolade was given to the Welsh firm for their outstanding achievement in international trade over the last three years.
Reid, which has been trading since 2000, received an initial award for innovation six years after inauguration before a double success, in the same category in addition to recognition for international trade, followed in 2013.
The latest Queen’s Award, one of the highest accolades a UK business can receive, is a testament to continued global expansion with the company likely to confirm that over 50% of sales came from overseas in the latest financial year.
Nick Battersby, managing director at Reid, said:
“The widely coveted award is recognition from the highest authority in the land for our achievements that are only possible because of the commitment and endeavour of staff, partners, and suppliers, plus the contribution of end users who challenge our engineering expertise through their varied lifting applications.”
The Queen’s Awards cover a number of categories, including international trade, innovation, sustainable development, and promoting opportunity through social mobility.
Winners are invited to a Royal reception at Buckingham Palace, hosted by The Queen. They will be familiar surroundings to Battersby, who met Her Majesty following earlier successes.
Two key criteria that Reid had to meet in its latest application were that the organisation had achieved outstanding growth in overseas earnings relative to its size and sector, and steep year-on-year growth (without dips) in overseas sales over three years. All applicants must also be prepared to provide written responses to targeted questions and share financial data.
A review and independent audit by an accountancy firm places that information under close scrutiny, Battersby said.
Emphatically, Reid submitted supporting evidence of three years of consistent growth in exports, with 66% growth over the last two years, while in the same period total turnover grew by 34% to £5.1 million. Further, exports represented 49% of sales in the 2016 / 2017 financial year—and continue to swell.
Diversification of lightweight gantry and davit cranes in multiple sectors has been integral to gazelle-like growth, including wastewater treatment; construction; equipment hire; oil and gas; and cleanrooms, such as museums. Reid product and expertise has been applied to applications in Europe, the Middle East, the Far East, North America, and Australia, to name just a few geographical hotbeds.
Battersby attributed such advancement to evolution over the chapter in time following his last visit to the world-famous palace. He said:
“Constrained by capacity, an investment growth plan was prepared a year later [in 2014] to create scalability and put a new management team in place with the principle objectives of driving down lead times and becoming a truly sales-led business. To that end, we strengthened our engineering capability and placed greater emphasis on customising products to customer requirements.”
“Our experience is that the Queen’s Awards for Enterprise are recognised both locally and around the world as being extremely prestigious, thus, providing a great vehicle for raising the profile of our company and enhancing its reputation. We can also leverage the achievement to develop and secure sales opportunities.”
Award winners are presented with the accolade by one of The Queen’s representatives, a Lord-Lieutenant, at their facility where they are also permitted to fly the Queen’s Awards flag, and use the emblem on marketing materials. Finally, they are given a Grant of Appointment and a commemorative crystal bowl.