Leading independent IT services company Vista Retail Support’s management has been crowned the most outstanding mid-market team in Wales in the British Private Equity & Venture Capital Association (BVCA) Management Team Awards.
Scooping the top award in the Wales Mid-Market Team category, Vista’s management, led by managing director Richard Cottrell, was praised by the judges for the skill with which it developed the business from an EPOS support provider into a broader and more strategic provider of support services across retail hospitality and leisure in the UK and Europe. The judges said: “The quality of their service was shown in 2016 when they achieved 100% contract renewal while implementing significant business efficiencies.”
Vista managing director Richard Cottrell said: “We are thrilled to have won this award which acknowledges how the backing of WestBridge helped us to fulfil our ambitious plans to expand the breadth of our services into a new customer base, achieving very significant growth that built on our reputation for innovation and 100% delivery.
“We will continue to develop, gaining new customers among top-tier retailers while further broadening the range of services we offer. Vista is a very ambitious company and will be proud to fly the flag for businesses in Wales.”
The award won by Vista recognises the support provided by WestBridge Capital in enabling the senior management team to achieve a £12.3 million secondary buy-out in 2014. Since the buy-out the company has achieved significant growth, with EBITDA (earnings before exceptionals, interest, tax, depreciation and amortisation) rising by 40% in 2016 and growth in services revenue increasing by 80% in the two years prior.
Vista now has more than 200 employees and completed a major £450,000 refurbishment of facilities at its Cardiff headquarters in September 2016. The BVCA awards, which were presented in Cardiff Bath on May 4th5, celebrate the achievements of private equity and venture-capital backed management teams. Vista will now go forward into the UK BVCA awards, with the winners announced on November 30.
James Roberts, a member of the Wales BVCA awards judging panel said: “The winners represent the best of the diverse and game-changing talent within Welsh companies, demonstrating the strengths and credentials to stand out locally and nationally.”
Established in 1995, Vista provides nationwide EPOS maintenance and support services 364 days of the year, with clients that include well-known high-street names such as Monsoon, Superdrug, Costa Coffee and Odeon. The 2014 management buy-out allowed the company to develop new maintenance services across a wide range of vendors, while developing its partnerships among UK and European retailers.