Bailie Group to provide economic boost for Leeds as it prepares for growth

Growth by acquisition is on the cards for Vicky Wordsworth, CFO at the Leeds-headquartered Bailie Group, writes Deputy Business Editor Greg Wright.
Vicky Wordsworth, CFO at Leeds-headquartered Bailie GroupVicky Wordsworth, CFO at Leeds-headquartered Bailie Group
Vicky Wordsworth, CFO at Leeds-headquartered Bailie Group

When you’re planning a major career change, it often pays to ask some straight questions.

Before Vicky Wordsworth took the plunge and decided to accept a senior role at the family-owned Bailie Group, she sought clarification on one key point.

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“I did ask honest questions before joining a family business,’’ she recalled. “Such as, did they make decisions around the dining room table on Sunday evenings that were then implemented? How much influence would the management teams really have?

“When I met Fergus (Bailie the group CEO) my fears were allayed,’’ she said. “The group had identified that the key to their success was to employ ambitious leaders who share a common goal and to allow these leaders to run their businesses, with guidance and support from central group where required.”

As the chief financial officer at the Leeds-headquartered Bailie Group, Ms Wordsworth is overseeing a period of growth which is likely to include acquisitions, despite the turmoil caused by the pandemic.

Bailie Group is a group of agencies and consultancies which aim to improve lives by sharing knowledge. It works on projects which help the UK transport system operate more effectively. It also connects people with social services and provides content channels for industries, including the automotive sector.

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The Leeds-based group, which employs around 350 people, includes CDS, a multi-award winning communications agency providing digital, print and technology services to clients across the UK.

Ms Wordsworth, who started her career with PwC as a trainee after leaving school, joined the group in 2019, after carving out a reputation as an effective financial management specialist who had worked at a number of private equity backed businesses.

“At 18 I didn’t really know what I wanted to do,’’ she said. “I had an interest in finance and business and quickly realised that I prefer more general management and getting involved in lots of different areas of a business, such as shaping teams and empowering people to be the best they can be.”

“I always enjoyed the discipline of working in a private equity group. The objectives are very clear and you have the opportunity to work with some strong management teams and great business professionals,’’ she said.

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“I was looking for a new challenge and the Bailie Group was a family firm with such a long history which had seen the business adapt to changing circumstances and challenging times.

“The benefit of having three companies in the group are that they all operate in different markets. This helps to ‘de-risk’ the group. We have really seen the benefit of this diversity this year.”

She acknowledges that private equity firms often have a different rhythm to family run businesses. Family businesses can have a longer horizon.

“It’s often a different focus,’’ she said. “There is a place for both private equity and family run businesses in the economy. They can both be acquisitive for distinct reasons and often to achieve different outcomes.”

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When the pandemic struck last year, the group was nearing the end of due diligence for a major acquisition and about to embark on a major property refurbishment in Leeds.

Ms Wordsworth said: “We finally completed the acquisition of Simple Usability (a behavioural research company)in Leeds in the autumn. The property development also went ahead.

“We had bought a property on Canal Wharf and had always planned that CDS would move into it. It’s a lovely building although there are very few people in it at the moment.

“We have always re-invested cash back into the group which means we maintain strong cash liquidity allowing us to prioritise growth investments.”

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“In 2021 we will come to the end of our current three year plan, so we will be developing a plan for the next three years.

“We are forward looking and acquisitive. It is important that we build a sustainable business by investing in the future.,’’ she said. “We are looking at a number of targets for acquisition which would align with the group strategy.

“The acquisitions are more likely to be close to Leeds or one of our operating business locations. It’s easier to get your arms around it if it is geographically close and to provide the support needed to quickly make it part of the Bailie group family.

“Our turnover for 2020 will be about £45m, which is slightly down on our three year plan but represents growth of 2 per cent on prior year. Finding staff with the right talents has been quite a challenge for some time in the professional services arena. “

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Building work and property investment have continued in Leeds during the pandemic.

“Our new building offers a great space to work in and we hope to get employees back to the office as soon as we are able to do so,’’ said Ms Wordsworth.

“The arrival of new investment into Leeds is good news - as I look out of my office window there appears to be a significant amount of development work going on in the city. When I started my career people said that you had to work in London to move ahead, but that is definitely not the case now.”

When life finally returns to normal, the Bailie Group is set to take centre stage in a city undergoing a spectacular rebirth.

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Vicky Wordsworth is a Fellow Member of the Association of Chartered Certified Accountants.

She is a financial management specialist who developed experience working alongside CEOs and management teams in a diverse range of privately owned and private equity backed businesses.

She joined Bailie Group in 2019 as CFO and oversees the shared service People and Finance functions.

Away from the office, she enjoys walking her dogs and is a keen Duathlete.

The Bailie Group can trace its history back to 1862. It started out as a single printing company in Belfast and has grown to become a global group of communication agencies and consultancies.

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