An East Anglia family owned and run manufacturing firm is on track to boost its exports and turnover having tapped into the benefits of Research and Development (R&D) tax relief.
Guy-Raymond Engineering Ltd, based on Rollesby Road in King’s Lynn, exports a diverse range of components, from parts for medical equipment and shop fittings to office and school furniture fittings as well as components for specialised industrial applications.
The company, which was founded in 1948 by Ray Daniels, has clawed back nearly £700,000 in tax relief from HMRC with the support of leading national accountants and business advisors Chantrey Vellacott DFK.
Exporting now accounts for up to 60 per cent of Guy-Raymond’s orders with the firm doing business in more than 40 countries, including North and South America, Australia and much of Europe.
Elliot Harris, partner at Chantrey Vellacott DFK which has ten offices across the Midlands and South, said: “Our firm has worked with Guy-Raymond Engineering for many years and we’re pleased to have played a part in the development of their niche products by supporting the company with their R&D tax credit claims.
“Guy-Raymond has been producing high-quality innovative products to a large customer base for many years and is well-positioned to continue to build on its growth through its success exporting.
“We have a dedicated R&D tax credit unit which pulls together the experience and specific specialist skills in tax, accounting and audit that are necessary to identify and successfully manage claims for the benefit of our clients.”
Ray’s sons Cedric and Kelvin Daniels are the driving force behind the business, which employs around 60, while their father continues to act as a consultant.
Cedric, who is managing director, said the firm is on course to expand following a growth in its R&D work.
“The support we’ve been afforded by Elliot and the team at Chantrey Vellacott DFK has been superb and helped us to make substantial savings within the business to continue our investment in new products,” he said.
“In a tough climate we have continued to grow our international operations and are in a good position to increase on our turnover and export even further.”