Dragons’ Den star Jordan Daykin acquires VPS – the business founded by his father
Launched in 2004, automative firm Vehicle Preparation Services Group (VPS) has a number of revenue streams, including number plate manufacturing
Jordan Daykin, the serial young entrepreneur and star of Dragons’ Den, has acquired automotive firm Vehicle Preparation Services Group Ltd (VPS) – a business originally founded by his father.
Launched back in 2004, VPS Group was initially established to supply temporary labour to vehicle manufacturers, but has since expanded to have five main revenue streams – including a growing number plate manufacturing arm.
Operating in Bristol, Southampton, Swindon, Sheerness and Killingholme, VPS employs 160 people and turned over £5.1m in 2017.
Daykin has been on the VPS Group board as a non-executive director for two years, offering strategic advice.
As well as aiming to sell one million number plates in 2018, Daykin has ambitions this year to grow VPS Group’s labour supply nationally as well as enhance its recruitment offering.
The CEO of GripIt Fixings, a business that manufactures plasterboard fixings, Daykin is best known as the youngest entrepreneur to ever receive investment on BBC’s Dragons’ Den.
Just 18 at the time, he received an £80,000 investment from Deborah Meaden for GripIt – with the business named by the BBC last year as the most successful ever on Dragons’ Den – being valued at £10m.
Operating from five industrial units across Wiltshire, GripIt has since doubled in valued (£20m) and has completed two successful crowdfunding rounds – the most recent of which raised £2.14m from more than 1,400 investors via Crowdcube.
Stocked in over 5,000 UK stores including Wickes, Screwfix, Currys, Maplin, B&Q, Homebase, Argos, Buildbase and Plumbase, GripIt now exports to 34 countries across the world, including Builders Warehouse in South Africa, Bunnings in Australia and New Zealand, and Home Depot the USA.
Speaking about his new business venture, Daykin commented:
“There is such huge potential for Vehicle Preparation Services Group to build on its excellent industry reputation by branching into new markets and capitalise 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.
“I’m very proud to take over as CEO of the company my father started in 2004, and 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.”
On the acquisition, 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 and working alongside Jordan as our new CEO.”