Member Article

Chester-based GBGroup’s transformation to £9 million pre-tax profit

GBGroup’s stock brokers are reporting a revenue of £57 million this year with a profit of over £9 million pre interest and tax.

The company, which manages databases for identity checks, has grown from employing 80 people to 460 people with 200 of those based in the North West.

It is aiming for a turnover of £300 million in 2020.

Since becoming CEO of Chester-based GBGroup 12 years ago, Richard Law has taken the company from a value of £5 million to £190 million.

The group operate out of 8 countries now with its head office in Chester and sell into 40 countries.

In five years time the company aim to employ 1,500 staff around the world, with a large amount of them in the UK.

Last year the company paid £3.5 million in taxes to the UK government and their projected earnings are such that they expect to pay £30 million in taxes in five years time.

Twelve years ago the company offered services with one database and the business was in decline.

Richard saw that the business had skills in data and software, and were mining the data to produce something of value.

After being inspired by a Harvard professor Richard developed a new business plan which saw the company grow to having access to 250 databases all over the world, with information on half the people on the planet.

In three years time the company will have data that covers the entire world.

Now companies such as Etsy, the online homemade craft seller, use GBGroup’s data analysis to verify the identities of new sellers.

Many other major players in the online world use GBGroup to verify the identity of consumers.

It is the biggest checker of criminal records for schools and transport for London uses GBGroup for its pre-employment screening.

Richard told Bdaily: “We’re very professional and driven but we also retain a family feel, we have worked on the same vision and objective strategies for the last 12 years.

“We recruit, train and keep the best people making sure that the team culture is just right.

“As we become larger it is harder to keep the small company feel but we invest in company engagement with a bi-monthly video update from myself.

“Communication is very important and I think we have the best team in the business.

“We are fundamentally enabling online business with our work, people don’t understand what goes on behind the scenes but we are needed to verify the identity of everyone online.”

This was posted in Bdaily's Members' News section by Sophia Taha .