VirtueUK News: Another Milestone in Our Growth
The UK MSP market consists of an estimated 11,492 active providers.
- 4% are large firms (250+ employees) (n=460)
- 9% are medium (50-250 employees) (n=1,052)
- 28% are small (0-49 employees) (n=3,182)
- 59% are micro (no employees**) (n=6,623)
- Small firms have an average revenue of £1.2 million per firm
- Small firms have a median revenue of £1.1 million
- Micro firms have an average and median revenue of £220,000 per firm
** “no employees” category comprises sole proprietorships and partnerships with only a self-employed owner-manager(s) and companies with one employee, assumed to be a working proprietor
VirtueUK began with founder Nick Clapham’s relentless mission to show that an IT Services Provider could succeed in the industry while still operating with integrity. Founded in 2016 with the vision of raising service delivery standards through an ethical business approach centered around building and maintaining customer trust, VirtueUK have proven that their approach works as they reach the milestone annual turnover of £1.1 million.
How does VirtueUK Compare to other UK Managed Services Providers?
This milestone is significant because it means that in the few short years since we began, VirtueUK are now outperforming approximately 73% of Managed Services Providers (MSPs) in the UK Market.
- Micro MSPs comprise 59% of the UK MSP Market and have a median annual revenue of £220K
- Small MSPs comprise 28% of the UK MSP Market and have a median annual revenue of £1.1M
Impact of our Growth on our Clients
While our financial growth is great, another equally important achievement this year was being named one of “Britain’s 50 Best Managed IT Companies for 2023”. This was another important milestone as it was validation of our efforts and continued commitment to providing exceptional services to our clients.
Factors Contributing to our Growth
Commitment to our Company Culture and Team
Our ethical business approach isn’t just limited to our customers. It also extends to our team and the culture we create at VirtueUK. Work-life balance, flexible working, open and honest communication, and loyalty are priorities for our directors, making them priorities for the business. These aren’t just buzz words either. Not only has our team more than doubled over the past two years, but it did so largely through team member referrals.
- 60% of hires through team referral
- 9% turnover rate since our founding in 2016
- 0% team turnover in last two years
This growth in human resources is a clear indicator of VirtueUK’s expanding operations and ability to attract and keep talent. The commitment of our diversly skilled team to our vision and mission is at the heart of our success.
Enhanced Marketing Efforts and Reach
VirtueUK have also significantly ramped up our marketing efforts, embracing digital platforms to reach a wider audience. By leveraging social media, content marketing, and strategic partnerships, we have amplified our brand visibility and customer engagement. These efforts have resulted in a larger client base and stronger market presence.
Continual Service and Operational Improvement
Our financial growth and stability as a business is a testament to our operational maturity as an MSP. As a business, we have always prioritised the improvement of our services and invested accordingly in digital transformations that would ultimately allow our clients to benefit from our innovations and operational efficiencies. In 2024, we are heavily investing in our operations with the implementation of new industry-leading toolsets and AI to further cement ourselves as IT innovators and leaders in the industry.
What's Next?
Several years ago, we defined our business objectives and developed the digital transformation roadmap that would get us there. We have followed our growth plan and IT strategy and are so pleased to have reached this significant milestone in our journey. But the journey isn’t over! Stay tuned to see what we do next.
Contact Us to learn more about out how we can help you create your own IT Strategy or IT Roadmap to achieve your business objectives.