A Sheffield confidental data shredding business, whose owners were forced in the early years to pay wages on their credit cards, is predicting annual revenue growth of 20% on the back of tighter data protection regulations this May.
As its celebrates its 40th year, Russell Richardson predicts revenues of £3m by the end of 2018 and is increasing its workforce to keep pace.
Under the General Data Protection Regulation, from 25 May 2018 any business that holds or uses data about individuals will be hit by tough new rules governing the storage of personal data.
“We are making a significant investment back into the business as we hit our landmark year and are confident sales will soar as a result,” said managing director Jonathan Richardson, pictured.
The investment includes a £165,000 mobile shredding truck equipped with a device for shredding computer hard-drives and a £30,000 reel splitter to allow Russell Richardson to pursue contracts in the printing and packaging industry.
The business was set up by Jonathan’s father Russell, previously an industrial painting and cleaning contractor, who turned to recycling when a client asked him to clear a factory ahead of refurbishment.
“In the early years many times we wondered if we would survive the week. Dad took out personal loans to pay wages keep the business going and we often relied on the bank’s goodwill to extend the overdraft.
“In the nineties the recession hit us, too. Numerous times I paid the wages on my personal credit card.”
This year two additional drivers have been recruited to bring its staff to 20 and three more jobs are predicted.
Storing confidential data is another arm of the business and a secure archive storage site off the M1, which opened in 2015, is now at 75%. New premises of at least double the size are now being sought.
Richardson’s formula for the business’ success is: “Hire great people and instil in them a sense of ownership in the business. My staff, who are like family to me, treat the business as if they own it.”