ELITE is LSEG’s international business support and
capital raising ecosystem for ambitious and high growth companies
Over 150 UK companies make up the 1000 strong international
ELITE community of companies, in addition to advisers and investors
SYNETIQ is the largest UK owned salvage and vehicle
recycling company creating solutions for some of the countries’ leading Insurers, company fleets and police forces.
SYNETIQ Ltd today joins London Stock Exchange Group’s
international business support and capital raising ecosystem, ELITE.
Tom Rumboll,
Executive Chairman of SYNETIQ:
“We have a vision to create a vehicle recycling industry
that we can all be proud of. We feel excited and privileged to be working with
Elite to work towards the next phase in our business growth.”
Umerah
Akram, Head of ELITE UK, London Stock Exchange:
“I’m excited to present the latest UK company to join
ELITE, a clear demonstration of the country’s ability to grow great businesses.
These companies drive innovation, employment, and create opportunities for us
all.
“ELITE is committed to giving the British business stars
of the future the very best chance to succeed, providing them with access to
appropriate expertise and capital. It is a unique, strong community of the best
and most dynamic entrepreneurs, advisers, investors and business school
academics from the UK, Europe and around the world.”
NOTES TO EDITOR
About
ELITE
ELITE is a full-service programme designed to help
ambitious companies prepare and structure for the next stage of growth through
the access to long term financing opportunities. It is a unique offering for
scale-ups across Europe and beyond, providing a comprehensive training
programme and extensive access to the business and financial community. The ELITE Funding platform, launched in 2017,
will also help streamline the capital raising process for ELITE companies.
For further information ELITE, the companies and the full
list of partners, please go to: www.elite-network.com
About SYNETIQ
SYNETIQ Ltd was created
and launched on the 1st March 2019.
As the largest UK owned
salvage and vehicle recycling company SYNETIQ create intelligent solutions for
some of the countries’ leading Insurers, company fleets and police forces. SYNETIQ are trusted to process vehicles
through auctions, green parts sales, and recycling processes.
The company was formed
following the successful merger of Car Transplants, Motorhog, FAB Recycling and
DH Systems. Headquartered in Doncaster SYNETIQ now has 507 employees spread
across sites nationwide.
The UK’s largest salvage
and recycling company are cementing their plans for significant growth,
recruiting Leigh Manton in a full-time Finance Director role.
Leigh joins from Finsbury
Food plc, a £300m turnover manufacturer of bread and morning goods. He brings a
wealth of experience gained at well-known organisations within the
Construction, Engineering and FMCG industries.
Since creation in March
2019, following a four-way merger, SYNETIQ have been assembling the framework
for expansion. Leigh is well-practiced in acquisitions and listed company
disciplines; a key requirement for the position.
As Finance Director, Leigh
will provide financial and strategic governance across SYNETIQ sites across the
UK. Leigh will continue to ensure all sites are well informed and aligned to
follow the same processes, improving compliance and efficiency.
SYNETIQ does not accept
cash payments – a decision lauded by UK Police Forces. Leigh will help to
ensure SYNETIQs commitment to doing the right thing is continued, developing
the client offering in the process.
For many expectant couples, welcoming a new-born into the world can be a bit of a rollercoaster… But that’s nothing compared to an arrival you aren’t expecting at all.
That rare event became a reality for a Doncaster couple this week, when David Greenall delivered his fourth child at home after his wife Helen unexpectedly went into labour.
The couple, who live in Wheatley, decided not to have any more
children seven years ago – leaving the chance of another pregnancy at less than
1%. After numerous visits with her doctor over the last few months, Helen was reporting
stomach pains and other symptoms, but both the couple and GP’s believed that
pregnancy was out of the question.
David, who works at SYNETIQ in Adwick-le-Street, was relaxing at home
after his eldest son’s 18th birthday celebrations when he heard cries
from his wife upstairs. Racing to Helen’s side, the couple were astounded when
they realised their unexpected arrival was on his way.
David’s work colleagues were just as surprised… Andrew Brister,
David’s manager, couldn’t quite believe it when he received a call from David
requesting immediate paternity leave.
Freddie was born weighing 4lbs 2oz and is doing well. SYNETIQ is delighted
for the Greenall family and currently supporting with David’s last-minute
paternity leave.
NOTES TO EDITOR
SYNETIQ Ltd was created and launched on the 1st March 2019.
As the largest UK owned salvage and vehicle recycling company SYNETIQ
create intelligent solutions for some of the countries’ leading Insurers,
company fleets and police forces.
SYNETIQ are trusted to process vehicles through auctions, green parts
sales, and recycling processes.
The company was formed following the successful merger of Car
Transplants, Motorhog, FAB Recycling and DH Systems. Headquartered in Doncaster
SYNETIQ now has 517 employees spread across sites nationwide.
When not in the office, you’ll usually find Dave competing
in all manner of arduous adventures… His most recent was the most challenging
yet.
“ITERA Adventure Racing – it’s a lot
harder than you’d imagine!
A week ago, I and three
teammates set off on our first ever ITERA Expedition Race. This happens to be
part of the World Series and hence the toughest of all the adventure races.
Such novices were
we that we didn’t even know that other adventure races came in shorter
distances… But no matter, as this year ITERA was in Scotland.
The event was a 5-day
race around Scotland – with the route and activities kept secret until the
briefing. We had made rough plans to stop for 4 hours each night and cook up a
warm meal too. How innocent we were… Nobody stops that long for such things.
At 8.30am on Monday 12th August, we set off from Dunrobin Castle – magnificent
– with a wee 5km run to separate the teams. We then kayaked 20km to Glenmorangie
distillery down the coast. Our complete lack of paddling practice showed us up –
we finished plumb last.
Now 5 hours, it was time to transition. We managed to pack away our kayaking
gear and build our bikes in around an hour so made time on the closest team.
We now had a choice:
take the full route of full-on mountain biking and aim for the 3 check points
or take the much easier shorter route and take the time penalties. We were
under no illusion of how hard this was going to be, so straight to the short
course we went.
After 75km of
fairly easy terrain, with just the odd nigh-on vertical hike-a-bike and crack
navigation by John, we arrived at the next transition at Elphin. We were about
11 hours in now and had overtaken a couple of teams!
Our next transition
was fairly slow – taking about 2 hours to complete – so it was dark when we
began our paddle down Loch Veyatie, guided by moonlight. This was spectacular,
with calm water and an unbelievable display of shooting stars.
At the end of the
loch we found some rapids as Loch Veyatie runs into Fionn Loch. The teams on
the full route had the small matter of summitting Suilven, a spectacular standalone
mountain not for the faint hearted, especially in the dark! It was amazing
watching their head torches up and down the mountain.
By now we had
sussed the kayaking and were at least going in straight lines, if not that
fast. Just as we entered Fionn Loch the fun began with the portaging. This
means transporting your kayak overland (see Megan’s photo with the red arrows
for the route we took – bear in mind this was in the small hours of the morning).
We successfully navigated our way over land and small lochans to Loch Sionacaig and then over to Loch Buine Moire before hitting the road and eventually getting to finally use our portage trolleys. Turned out we were actually quite good at this… We passed the next checkpoint in 8th place and went back into the sea at Loch An Eisg-brachaidh.
It was now 5am and
we had been going non-stop for over 20 hours. We kayaked down to Garvie Bay
where, after one long portage through the bog, we hit the road to Achiltibuie
and got to use the trolleys again. Back into the kayaks for a paddle down and
through the Summer Isles to the Scoraig peninsula.
This is where we
started to hit trouble – our kayak just wanted to list and capsize all the
time. It should be pointed out it was blowing a nice Force 5 with decent sized
waves. Eventually we worked out it was taking on serious amounts of water and
so we abandoned ship and a very nice captain from Shearwater Cruises took
myself and John to Ullapool. Helen and Megan valiantly rescued our kayak and
paddled the whole lot to Ardmair.
We had now assumed
our race was over and again showed our naiveness off here by sitting, chatting
and eating in the campsite cafe. Several other teams also beached here because
no progress could be made to windward now that the wind was really blowing, however
these teams all broke out their emergency shelter and got some much-needed
sleep!
At around 8pm the
organisers sent a big coach to pick up all the stranded teams and take us to
the next transition at Dundonnell. Those teams that had made good use of their
time went straight on with the next stage whereas, we put our tent up and
eventually got to bed at 10:45pm, some 38 hours after starting!
The next stage was
a monster, even for the short course teams – I have no idea how the full course
teams managed their stage with much more summits! We continued up An Teallach,
then around the ridge and down Sail Liath to Fisherfield. We rose at 1:45am – so
just the 3 hours kip. The plan was to be near the summit for dawn and hence
have daylight for the highly technical trek around the ridge. There is a
spectacular photo of Megan with the sun rising behind her on An Teallach.
We were slow on An
Teallach and its descent but we made good progress across Fisherfield, right up
to the point when we got complacent and missed a turn – our first navigational
error that cost us a couple of hours and few extra kilometres… In fact, this
ended up costing us dearly as there was still another 12km to go, including 6km
down the technically difficult Gleann Bianasdail. It was treacherous,
especially in our condition and after it had been pelting it down for hours!
The hallucinations
that sleep deprivation provides are simply astonishing – forget drugs people,
just stay up for a few days with no sleep. We also missed the cut-off of 10pm
at the next check point, arriving at midnight after 63 hours on the go with
just 3 hours kip.
On the plus side, the
weather was so poor that we could bed down inside the transition hall – this is
normally not allowed! We got a luxurious 4 hours kip and were packed up and out
before 6am.
Although we were
timed out, the organisers gave us the option of a bus ride to the next
transition – we wouldn’t be able to get an official time could experience the
rest of the course back across Scotland. The route was supposed to have been a
mountain bike round the Applecross peninsula including the Bealach na Bà, the
highest road in the UK and which starts at sea level! Then a trek over the Five
Sisters of Kintail, followed by a paddle down the River Garry and along Loch
Garry with a final mountain bike to Inverness. We were a broken team and we had
none of our dry clothing, so as Captain I took the decision to retire us and we
took train back to Inverness.
It was the right
call and spirits were high on the train. We got some proper kip during the day
on Thursday and went down to see the first team cross the line around 3am
Friday.
I cannot describe
to you how tough it was for us – let alone for the teams that actually finished.
They pretty much do it with just 6 hours sleep in a full 5 days of non-stop
running, trekking, cycling and kayaking… It simply beggars belief! A full
doffing of the cap to everyone involved, as the organisers and marshals also
get no sleep”.
Would he do it
again? “I can say I am bitten and will return this time hoping to just
finish the short course!A huge thanks to my wonderful teammates: Helen Farquhar, Megan
Davey and John Bennie.”
SYNETIQ have
launched a new partnership with The Sick Children’s Trust – a charity
that provides free accommodation for families with children in hospital.
Why
choose The Sick Children’s Trust?
SYNETIQ colleagues – over 500 strong and located across the country – had the opportunity to vote for SYNETIQ’s annual charity partner. A large majority selected The Sick Children’s Trust; a mark of how passionate colleagues are about the cause.
Thanks
to The Sick Children’s Trust, families with a seriously ill child in
hospital can stay together. They believe that keeping
parents close to their child’s bed during their
treatment can significantly improve their recovery. As
well as accommodation, the charity also provides emotional and
practical support.
The
partnership is already helping to build new relationships within
SYNETIQ, following the merger in March of this year. With fantastic
fundraising ideas being shared between sites across the country, colleagues can
work together while making a real difference.
Pound
for pound matching
The
announcement follows a real focus on how SYNETIQ can support the charities
and causes in the communities that their colleagues live and work
in. In July a new initiative was launched which means
SYNETIQ will match colleague fundraising pound-for-pound.
SYNETIQ’s
team have already taken advantage of the scheme; a skydive and a
midnight walk have already raised over £1500 collectively. Next
month’s head shave in aid of MacMillan means that figure looks likely to
increase significantly.
AutoRaise Real Rally
SYNETIQ
were also proud to support AutoRaise’s Real Rally event back in June – entering
three sub-£1000 vehicles into the charity challenge.
AutoRaise is attracting and
training the next generation of body technicians, helping to reduce the skills
shortage within the vehicle repair industry. They have established
their own Apprenticeship Standard, signed off by the Government in 2015, and
are now encouraging young people aged 13-24 into the
industry. SYNETIQ have shown their ongoing commitment to the charity
by signing up to be a bronze partner.
In June, SYNETIQ also established a dedicated charity and sponsorship committee. The team now meets monthly to plan charity events and discuss the causes that are important to SYNETIQ colleagues.
When the new ABI salvage code of practice was introduced it was decided that any person wanting to apply the correct category to a salvage vehicle would have to become an appropriately qualified person (AQP).
SYNETIQ have invested in the future and their people by putting 5 of the team through the Institute of Automotive Engineer Assessors exam for categorising salvage.
Richard Martin, Simon Schofield, Steve Dodson, Colin Casselden and Willem Davies completed the training and examination at the SYNETIQ training facilities in Winsford – All 5 participants passed the exam and are now all AQPs.
Tom Rumboll joined the
SYNETIQ team as the Executive Chairman back in April having played a pivotal
role in helping the recent merger go through.
The big question in the
industry is with so many years of shared experience between John Schofield,
Richard Martin, and the team, why bring in an outsider and what will he bring
to the newly formed company?
Richard
originally sought Tom’s help to be an independent guide through the merger
process. Tom had worked with Motorhog before in his previous life at Lloyds and
had supported Motorhog with several acquisitions, so he was already a trusted adviser.
The Executive Chairman
role was created to formalise and drive through major changes post-merger. An
outsider made sense to fill the post so that there could be a level of independence
from the 4 legacy businesses and to bring a different perspective, set of
skills and experience. Some of Tom’s key skills lie in business planning,
measurement and reflection, bringing “corporate” structure to already very
successful businesses.
Tom’s vision for the
company is making SYNETIQ a multi-award winning, international, market leading business.
He wants to grow the number of trusted partners SYNETIQ have in the industry.
Tom sees three distinct
phases post-merger: integrate, grow and optimise. He is focused on the medium
term of 2022 and is working with the business on a mixture of strategic and
tactical areas to drive growth.
We all know that the
SYNETIQ legacy businesses were well governed, commercially astute, fair, and
trusted by their partners. Now with their combined resources they are the
largest UK owned salvage and vehicle recycling company with their year 1
turnover expected to be £120 million. They create intelligent solutions for
some of the countries’ leading Insurers, company fleets and police forces and are
trusted to process vehicles through auctions, green parts sales and
recycling processes. They
now have 16 sites nationwide, 507 employees and the capacity to process up to
150k vehicles per year.
SYNETIQ see themselves as
thought leaders working closely with their partners to create bespoke solutions
and driving innovation. An example of this is being the first in the industry
to stop taking cash payments.
They are working closely
with the colleagues in their business to make sure SYNETIQ is a great place to
work, develop, learn and fulfil their potential. They are also focusing on how
they can make a positive contribution in the communities they work in.
Tom is already adding
extra rigour and routine to the well managed businesses, making sure that the existing
talent in the new organisation are focused on sharing best practice. He is working
with the teams to bring clarity, structure and governance. His career history in large PLCs and regulated
industries means he can bring professional structure that helps rather than
hinders. Examples include the introduction of long term strategies, CRM
systems, HR, and change management.
Tom is helping the
Executive and Operations boards of SYNETIQ look to the future with a focus on
acquisitions and foreign markets as just some of their options for growth.
We asked Tom what made him
hang up his consulting hat and join the business on a permanent basis. He told
us that it was important for him to be part of something bigger and that all
the best business models put in as well as take out. He feels that SYNETIQ is a
great example of the circular economy in action benefiting people, planet and
profit. He feels it’s rare to find such a great career opportunity coupled with
the chance to contribute to reducing the impact on the environment especially through
the green parts and recycling business arms. He also feels that SYNETIQ are in
the fortunate position to save customers and clients money.
Tom has ceased his
successful company TR Advisory so that he could commit 100% of his time to
SYNETIQ and its very exciting future. He told us he was already so involved and
invested into the company and that this is the only role he would have stepped
away from his own company for. “To be
involved in a company that is always at the forefront of innovation is a real privilege.”
Tom joined Lloyds as a graduate trainee in 1999, and most of his career has been spent in Corporate Banking, supporting business who were growing, investing and making acquisitions. Why did he decide to take the original step away from the banking world? “I always knew I wanted to support self-employed individuals and entrepreneurs. I knew I wanted to work as an adviser, and a supporter, and a champion of business. It was the small business adviser role that drew me into banking initially, from which I then progressed into working with larger Corporate businesses in the same way.
We asked Tom what he was most excited about for the future. He told us he is most looking forward to
seeing the people come together, develop and thrive as one SYNETIQ team. He
said “it’s a real privilege to take the ideas and principles of the new company
forward”
So, now we
understand the role of the SYNETIQ Executive Chairman and what drives him. We
look forward to seeing what Tom and SYNETIQ do next.
If not the Environment Agency has new powers to shut you down #wastecrime. Why risk it? The Environment Agency can advise on the type of permit you may need:
Motorhog, Car Transplants, DH Systems and FAB Recycling
have completed their ground-breaking merger on 28th February 2019 to create SYNETIQ,
the UK’s largest motor dismantler in a deal valued at over £100 million.
The merger deal is the result of 12 months of positive
dialogue between the merger parties who have all experienced strong trading
performance in the period to completion.
The new SYNETIQ business is market-leading, with significant capacity,
scale, infrastructure, compliance and a uniquely integrated IT service. SYNETIQ
has ambitious plans for further growth.
The SYNETIQ business will employ over 450 people and anticipated
year 1 turnover will be c£120M.
Tom Rumboll at TR Advisory provided advisory services to shareholders and transaction project management alongside KPMG who provided corporate finance (Christian Mayo, Stewart Cape, Ed Crocker and Amrit Bhogal), legal (Nick Roome, Edward Bartlett and Rachel Reeves) and tax advice (Mike Linter, Nathan Potton, and Nilesh Patel) to SYNETIQ on the transaction. Dow Schofield Watts (Rob McCarthy) provided Financial Due Diligence.
Christian Mayo, who led the deal team for KPMG, said: “UK salvage is highly fragmented and this merger creates a business of significant scale and national reach to challenge the largest players in the industry. Critically, the combined business now has considerable firepower to drive investment throughout the organisation, leveraging some really exciting technology and R&D capabilities, to push forward its growth strategy.”
Tom Rumboll at TR Advisory said:“It has been a real pleasure to help deliver this unique transaction that has met all shareholders aspirations. The creation of SYNETIQ has showcased a different approach to capturing and building value, and having worked with the shareholders closely for the last 12 months I have been struck by their commitment, trust, pragmatism and conviction throughout.“
On behalf of all shareholders Synetiq Group Managing Director Richard Martin said: “The 1st March marks an exciting new chapter for all of us. In combining our individual businesses to create SYNETIQ, we have a business with a fantastic range of complementary skills, experience and capability, with significant physical and technological resources. SYNETIQ is in a strong position to provide the best possible service to our clients, customers and the industry.”
SYNETIQ
Launches on March 1st – Delivering higher standards
SYNETIQ is the new name for the merger of the well-established and highly regarded industry leaders, Motorhog, Car Transplants, FAB Recycling and DH Systems.
No Cash
for salvage – providing complete transparency
We are happy to
announce that from March 1st when SYNETIQ starts trading we will NOT
be accepting cash payments for vehicle salvage. In consultation with insurance companies and spearheaded
by West Midlands Police, we have taken the voluntary step to rule out cash
transactions and provide complete transparency and traceability.
West Midlands PoliceChief Superintendent Chris Todd welcomed SYNETIQ’s decision and urged other
salvage auction houses to follow suit. ‘SYNETIQ
are setting a great example: they are listening to police concerns over the rise
in stolen cars and are taking steps to make it more difficult for crime gangs
to exploit the salvage vehicle industry.’
Allianz’s Chief Claims Officer, Graham Gibson said ‘We
fully support SYNETIQ’s decision to decline cash payments for vehicle salvage.
As one of the largest commercial and fleet vehicle insurers in the UK we agree
that the responsible management of salvage is important and doing all that we
can to support this important area and helping to make Britain’s roads safer is
top of our agenda.’
Richard Martin – Group MD of SYNETIQsaid ‘I am delighted that SYNETIQ
is leading the
industry with regard to compliance and transparency. We have worked closely
with our clients and the authorities and will continue to drive up standards
and trust, in both our business and the industry.’
GDPR –
Protecting personal data, whatever form it is held in.
Modern vehicles increasingly hold more and more
data about their owner and drivers. This can range from sat-navs to integration
with mobile phones or black box systems for insurance tracking.
We have deployed GDPR compliant processes across our business to ensure that personal data is guarded at every step. All personal data is removed from vehicles and systems before they are disposed of to ensure that data isn’t inadvertently ‘sold on’ with the vehicle or any components.
Our
IT systems are all hosted within the UK so when we work with insurance
companies to process a claim personal data never leaves our shores.
Our new fleet is ready to roll
Work is well underway preparing our vehicle fleet to proudly
promote our new brand. Watch out for them on the road.
ENDS
NOTE TO EDITORS
Motorhog, Car Transplants,
FAB Recycling and DH Systems have merged to create SYNETIQ. Each of the four
businesses share the same values and commitment to clients, compliant processes,
reputation, people and the environment. This, alongside the new businesses’
combined capability, scale and experience, makes SYNETIQ the platform for their
ambitious drive to do even more for clients and the industry.
With a market-leading
proposition combining unrivalled scale, capacity, know how, great people and
technology SYNETIQ is set to become the ‘go-to’ choice for an industry that
values safety, compliance, efficiency and strong partnerships. We have ambitious
plans for growth, built upon trusted partnerships and integrity.
The SYNETIQ name is new
but the people behind SYNETIQ are well-known and highly regarded industry
figures, who between them have over 250 years of industry experience.
