- January 15, 2024
- Category: Success Stories
Client Story: Bang & Olufsen
It looked (and sounded) like the perfect opportunity – running a high-end audio-visual store in a busy city centre.
Matt Dibley decided to become a retail partner at Bang & Olufsen back in 2012. Since then, he has run the luxury brand’s shop in Exeter, which is full of the latest speakers, headphones, televisions and home audio equipment.
For tech fan Matt, it’s a great set-up. But having the right financial advice along the way has been crucial.
Matt had to set up his own business before he could run and operate the dedicated Bang & Olufsen store, one of only two in the South West.
At the earliest stage, he contacted Westcotts’ Partner Patrick Tigwell, who has been able to offer him the right technical support throughout the process.
“It was very nerve-wracking in the beginning,” said Matt, who had to sell his house and relocate to Devon when he was offered the chance to head-up the Exeter Bang & Olufsen business. “I had to set up my company, MD Audio Solutions, as a limited company so I could then take on the store.
“I contacted Patrick early on and he was great. He understood exactly what we needed to do as a small start-up and he understood the needs of the business. Since then, he’s just been really helpful.”
A global pandemic and changing economic climate have hit the high street hard. Matt says being in charge of a luxury brand’s store has certainly had its ups and downs but he’s hopeful things have turned a corner.
“We’re slowly picking ourselves up again and we’re on the way to building a profitable business,” said Matt, who enjoys talking to customers about the latest arrivals in the iconic Bang & Olufsen range. “There are a lot of other choices out there these days, but we are this great, quality brand that’s been around since 1925,” he added.
Matt has worked for Bang & Olufsen for more than 20 years after starting out as a sales assistant before becoming store manager, then regional manager in the South East.
Being in charge of a Bang & Olufsen at the other end of the country was a brave next step, but Matt is confident that he’s in the right place, with the right support behind him.
“Having Patrick and Westcotts has been really good for the business side of things,” said Matt. “Rather than dealing with a one-man band-type set-up, you know you’ve got the backing of this big, regional firm of chartered accountants and business advisers who know the area well.”
After initially advising Matt on starting as a limited company, Patrick Tigwell and the Westcotts team have been able to help with routine tasks, such as end of year tax and compliance checks.
Patrick is also on hand to help Matt take his business forward – part of Westcotts’ proud commitment to building long-term client relationships.
“The good thing about having an accountant on side is that you can bounce ideas around and I can offer advice where necessary,” said Patrick, who tries to visit Matt at the Gandy Street store every few weeks to discuss his plans for the business (over coffee and cake). “Matt is bullish about the future and knows where he wants the business to go,” added Patrick.
“He provides a great service and he’s well known locally for good customer service. It will be great to see how the store develops.”