Case study for Syrris

Background: 
Syrris creates automated products for research and development chemists and is a world leader in flow chemistry, microreactor and automation technology, developing applications and products in partnership with leading multi-national pharmaceutical companies, technology IP owners and instrument manufacturers. In recent years, Syrris has expanded its North American presence through its subsidiary Syrris Inc, which now accounts for over 60% of the group’s turnover, and has recently signed distribution agreements in India, South Korea, Australasia, Japan and China. Founded in 2005 and a Syrris subsidiary, The Dolomite Centre Ltd is the world’s first microfluidic application centre. Dolomite is focused on working with customers from a whole range of industries in both problem-conceptualisation and feasibility-testing right through to full instrument design, development and fabrication.

Audit and statutory accounts : 
The Syrris audit is carried out as a credibility report for funders and investors indicating that the directors are conducting the business correctly. With the founding of The Dolomite Centre after it secured a MNT grant from the DTI for £2m, Syrris decided to produce Consolidated Accounts for the first time in 2006. These were fairly complex in nature due to all the different elements of the business including R&D Tax Credits, Government grants and Syrris Inc, but as PEM were using their new accounting software to help produce the Syrris consolidated accounts, the work was quickly and cost effectively carried out by the audit team, with very little impact on the business or management time.

Business Taxation :
One of the key services PEM provide for the Syrris Group is R&D Tax Credits. Says Nick, “we supply Judith Pederzolli of the PEM Business Tax Team with the research programme details, and she manages the lot. From submitting the claim to negotiating with HMRC and ensuring we receive prompt payment, the PEM Business Tax Team handle the complete service for us which is fundamental to our business cashflows”.

Human Resources:
Following an HR “Healthcheck” the PEM HR consultancy team headed by Laura Hopson, highlighted deficiencies in our businesses HR policies and procedures, which are increasingly important as the business activities and staff numbers grow, and to ensure we keep up with employment legislation. They also helped with a recent HR issue and their swift response and advice was greatly valued.

Adding Value:
Although Syrris has not yet used the services of PEM Corporate Finance, Partner Lake Falconer is no stranger at Syrris, ensuring he keeps up to date with the businesses plans and growth. Says Nick, “You never know what the future holds, but what we do know is that if we ever need to discuss a company flotation, take over or trade sale, we have an expert in our line of business, who we trust and already knows us well, on hand to advise us”.

On-going partnership:
Adds Nick “PEM has shared in the last 6 years of Syrris and has shown it has the capacity to deal with all our current and future needs. They hold a vast array of experience and expertise in the Technology sector and this looks likely to be enhanced with the launch of PEM Technology. I see it as a natural progression of the existing services offered by PEM, but brought together through a proactive and experienced team of nice people to work with”.

Link: http://www.syrris.com