Manchester-born and bred utilities and telecoms provider Verastar has gained national recognition at The Lloyds Bank National Business Awards 2019, taking home the trophy for Mid-Market Business of the Year.
Now in its 18th year, the National Business Awards is one of the most prestigious awards programmes in the UK that recognises and rewards excellence across all sectors. The glittering awards ceremony, attended by 1200 business leaders, entrepreneurs, politicians and media representatives was held at Grosvenor House Hotel, Park Lane on 12th November.
Simon Parker, Executive Vice President of The Lloyds Bank National Business Awards said “This year’s awards has seen fierce competition in every single category, building pride in every inch of our country. I would like to extend the warmest of congratulations to all of this year’s winners. Our entrants face the most rigorous of judging processes, so it’s no mean feat getting on the shortlist of The Lloyds Bank National Business Awards, never mind actually winning one. However, our winners this year have all proved themselves to be world-class British businesses and we hope that these awards continue to succeed in offering them the credibility and encouragement to continue in their ambitious success.”
Previous winners at The Lloyds Bank National Business Awards have included Sir James Dyson, The Body Coach, Hotel Chocolat, Minicabit, Missguided and more.
The category of Mid-Market Business of the Year celebrates the contribution of companies with a turnover of between £25m to £500m who have demonstrated financial returns, strong growth and innovation strategies and market prominence in their sector. Verastar triumphed over nine other businesses in the category, including competitor XLN.
Established in 1998, Verastar provides telecoms, broadband, mobile, gas, green electricity, water and insurance to small-to-medium sized businesses through brands including kinex, Clear Business and sister company The Insurance Octopus. This breadth of product portfolio is unique in the market, as is the one bill solution for all monthly services. By providing something no one else can, the company has experienced strong financial performance with double digit growth year-on-year.
In 2018-19 it reached a record turnover of £168.9m with EBITDA of £40.5m, which is incomparable in their industry. With a customer base of 160,000 small and medium-sized businesses across varying sectors, from hair & beauty to farming, Verastar services 10% of the UK’s small business market.
Verastar’s Development & Strategy Director Piotr Nowosad (pictured above) represented the company in the judging stage and on the night, “To be shortlisted for a National Business Award the first year we entered was already a company milestone, so we are thrilled to be named the winner of Mid-Market Business of the Year in such a strong category. This award means a lot as it is recognition from the judges that we have built something truly unique as a licensed multi-service provider. Our offering, we think, is the reason we have always been highly resilient and experienced year-on-year growth since founding despite challenges in the economy – and has now brought us this national accolade.”
The win comes just as Verastar move to their new 61,000 sq. ft HQ in Sale, relocating over 700 staff from sites across South Manchester and giving them room for further growth.
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