Ultimotive manufactures car cleaning chemicals in the UK, marketing them worldwide using licensed brand names Turtle Wax, Williams Car Care, Moto GP, Michelin and Stayzon. The car wash and auto detailing market is worth £8.461bn, with an annual growth rate of 2.46%. The sector is responsible for employing 208,000 people worldwide (source IBIS World).
Ultimotive was a fast-growing company, whose continued export growth was restricted by a lack of working capital. Graham Broughton, an Essex Innovation mentor, introduced the business to the International Division of the client’s bank, and to UKEF. As a result of UKEF support guarantee, the bank increased their operating facility from a low five-figure to a high six-figure sum.
The result of this action: an increase in export sales from £385,000 (2016) to over £1m in 2017. Overall Ultimotive increased export sales by 338% from 2015–2017. Graham is now assisting Ultimotive to apply for the Queen’s Award for International Trade.
“Having the Williams name at the forefront of the car care sector is important for our brand. Ultimotive’s constant innovation of products has enabled the continued success that Ultimotive and Williams have experienced.”
Claire Williams, Deputy Team Principle and Commercial Director, Williams Grand Prix Engineering Ltd
This project was undertaken as part of the Essex Innovation Programme (EIP), funded by Essex County Council. Case Study is published by permission of Essex County Council.