Newcastle-based Venture Stream Reports Record Growth
March 10, 2016
We’re pleased to report that we’re off to a flying start in 2016, achieving record-breaking revenue gains, taking on six new hires, significantly expanding our office space and officially completing the acquisition of our long-standing partner and fellow North East digital agency, CommVia.
After receiving start-up support from Northstar Ventures and Rivers Capital just two years ago, we’ve experienced 60% growth in the last 12 months and are on course to hit £1m annual turnover by the end of the financial year.
Having set ourselves some ambitious targets, our team of experts continue to deliver and we can proudly boast a 95% client retention rate, having won several big-name clients including The Pen Shop, Barbour, Smithers Oasis, Planet Organic and Yogamatters. As of 1st March, we have also trebled the size of our office space, now totalling over 2,400 sqft.
With six new starters in as many months, we show no signs of slowing and are still on the lookout for a front-end designer/developer. If you’re interested or know someone who might be, click or share this link for details: https://venturestream.co.uk/join-us/
We’re also excited to announce that our extended office area will be dual purpose, designed to accommodate the growing team and with excess space to be opened up as a ‘Venture Hub’, which will see individual rooms and shared office quarters made available to local freelancers and creative small businesses in need of professional space. With a local entrepreneur already signed up as our first tenant, those interested in securing shared office space can contact us here to register interest.
Managing Director, Vic Morgan, says: “This is an exciting time for Venture Stream as we continue to grow as a business and build our team of experts. We see reaching all of these milestones as a natural progression resulting from our investment in people, exemplified by the acquisition of our technology partner CommVia and the launch of our Venture Hub to work collaboratively with freelancers and like-minded businesses.”
To provide context to the merger, CommVia has operated as our technology partner for the past three years following a long-standing relationship between respective directors Vic Morgan and Andy Redfern, who together co-founded Ethicalsuperstore.com before the business was acquired to become a profitable division of Spark Response in 2011.
Fast-forward to May 2015, Venture Steam became a shareholder in CommVia, with our Managing Director Vic assuming the role of non-executive director, a role which saw him further develop the relationship between CommVia and Venture Stream. This resulted in both businesses becoming a combined formidable force with an expanding client base, benefiting from joint opportunities, shared IP, best-practice and Magento and e-commerce integration expertise.
Completed March 1st, the acquisition of CommVia will cement our reputation as a leading Magento integration specialist, incorporating valuable IP and technical expertise into the company. Going forward, with over 25 years’ experience in business and tech leadership, Redfern will become Technical Director of Venture Stream and CommVia will officially operate as a wholly-owned subsidiary of Venture Stream.