Workspace Sets £14m Sales Target In Ambitious Growth Plan

One of Northern Ireland’s leading social enterprises, the Workspace Group, has announced an ambitious business plan aimed at achieving sales of £14 million by 2015.

The Draperstown-based company, which recently celebrated its 25th anniversary, has already delivered a 600% increase in turnover inside a decade, rising to £7.6 million by 2010.

Workspace’s new four-year strategic plan aims to significantly increase its activities locally, nationally and internationally, while continuing to champion the role of social enterprise as a significant contributor to the Northern Ireland economy.

Objectives include a continuing focus on increasing business through both organic growth and business acquisition, with at least two new businesses added to the group’s existing five.

Its objectives also include the establishment of a new NI-wide flagship social enterprise and a £1 million Business Equity Investment Fund aimed at small businesses. Workspace also plans to introduce an Energy Services Company with a fund of at least £1 million.

In addition, the group will work to increase provision of industrial space and boost its Workspace Community Fund for local projects to £50,000 per annum.

Workspace also aims to:

Establish Workspace as a ‘Green’ Enterprise Centre for businesses involved in saving energy and sustainability.

Encourage local businesses to increase their corporate social responsibility and impact.

Workspace Group Chairman, Michael McAllister, said: “We are in difficult times. The economic downturn and Government spending cuts are resulting in a greater-than-ever need for our services to stimulate economic prosperity and enhance our local community.

“This strategy recognises the need for enhanced innovation and creativity in terms of responding to ongoing and future market opportunities. The Workspace Group has had significant positive impact on the local area in the past, not least a wages spend of almost £2 million per annum.

“We aim to continue that provision and also to significantly increase our impact in the coming years.”

Workspace, set up to stimulate social and economic regeneration in the Magherafelt area, now employs 117 people working out of five locations in Mid Ulster, as well as from offices in Donegal and Wales.

Profits generated from all business ventures are used to partly or wholly fund non-commercial social projects.

Despite a difficult economic environment, Workspace has continued to deliver growth across all its activities according to Chief Executive Brian Murray, who says the results for the current financial year also look promising.

“We are confident that we will report another strong year with further growth,” he said. “As always, our profits will be re-invested in the local community, in projects such as youth, recreation and after school projects, as well as dozens of other organisations.”

(GK)