People’s Champion Finalist: The iOutlet

Start-up name: The iOutlet
Founders: Liam James, 27, and Matthew Green, 26
Started in: 2012
Based in: Plymouth
Business description: Phone repairs outlet

The The iOutlet story:

It took just three weeks for The iOutlet to become profitable and there’s been no backward glances since.

Having spent six years in analyst and business development roles including time spent at IBM, Liam James teamed up with Matthew Green. The pair spotted the chance to win a slice of the booming Apple market by specialising in iPhone repairs.

The iOutlet, which was named as a Startups 100 and Young Guns company earlier this year, started by buying old or damaged smartphones in bulk, repairing and refurbishing, then selling them on eBay.

With such a low cost base and a steady stream of revenue from the sale of high value devices the pair quickly had the wherewithal to expand into bricks-and-mortar in Plymouth, taking an outlet above street level to keep costs down.

The business has quickly grown organically into a multi-million pound business and recently opened a second kiosk in an affluent part of Plymouth.

Its year two turnover of £2.4m was a 400% increase of year one. And the company now boasts more than 16,000 clients in over 40 countries across six continents.

And though the business has expanded rapidly, excellent customer service has remained key, with James stating: “We don’t have any negative reviews with both accounts we sell from having 100% positive feedback, something which proves our hard work before and after the sale is working and also something we are immensely proud of.”

The young entrepreneurs’ business is set to continue its upward progression, with forecasts of increased eBay sales next year and a significant announcement to come.

Why The iOutlet made our 50:

The iOutlet is precisely what you want to see in a great start-up. Low fixed costs, a clear strategy, multi-million pound turnover, profitability and international sales from the start, and still 100% owned by the its young founders. Keep an eye on it.

Where to find out more about The iOutlet:

Website: http://theioutlet.com/
Twitter: https://twitter.com/the_ioutlet
Facebook: https://www.facebook.com/TheIOutlet