One of Sussex's most successful manufacturing companies celebrated its 25th birthday on Friday and said business was booming.

Newhaven-based Cash Bases said revenues for the first quarter were up a massive 43 per cent on last year and sales were set to continue their upward trajectory.

The firm, which makes bespoke cash drawers for retail chains such as Marks & Spencer and John Lewis, currently turns over £17 million a year, netting more than £2 million profit.

Managing director Phil Stone told Business Argus he wanted sales to hit £30 million within the next five years.

His growth plans were given a boost recently when Cash Bases won a contract with McDonald's to supply the fast-food giant's network of restaurants in Europe.

For a manufacturing company serving the retail sector these should be testing times but Cash Bases seems resilient to the prevailing economic climate.

Mr Stone said "You have to be doing something special. You have to be adding value in the factory and giving your customers specific solutions to their specific needs.

"It's probably difficult for the man on the street to see what you can do with a cash drawer but there are a multitude of things in terms of ergonomics and security.

"We make a U-shaped cash drawer for Marks & Spencer which fits snugly around its scanners and a specific drawer for McDonald's which can be cleaned easily.

"We couldn't just provide a generic cash drawer there are companies in China which are doing that and at a price we couldn't compete with. You have to have a niche."

It would be easy for Cash Bases to become complacent. After all, it has a loyal customer base which is prepared to pay more for its products.

But Mr Stone, who turned 50 last week, refuses to rest on his laurels. Mr Stone was part of the management buyout team which bought Cash Bases in 2004.

He joined the company in 2000 as finance director under previous owner Hugh Burnett.

Mr Burnett, who now operates neighbouring manufacturing incubator Enterprise Works, ran the company from 1992 to 2004, lifting sales from £2 million to £13 million.

During his tenure the company was named the best small factory in Britain and Sussex company of the year and won the Queen's Award for Export.

To mark 25 years in business, Cash Bases opened a new landscaped recreational area for its 230 staff, all of whom Mr Stone says can claim credit for its success.

Since taking the reins in 2004 Mr Stone has brought in a new management team, including a finance director, sales director and operations director.

One of his first actions was to give staff the option to buy shares in the company.

"We are lucky to have a team here which shares a common vision. I have tried to make this an open, friendly place, and give everyone a stake in the business."

Tuesday, May 23, 2006