Discovering a £multi-million third-generation family business
The rebranding of a modest Cheltenham timber business caught a few people’s eyes recently, but you might not have realised you were looking at a £7m turnover third generation family firm.
Dear reader,
I hope you’ve had a good week. Here at Raikes there has been a flurry of new subscribers, which is brilliant. And why we’ve kept the paywall off today’s edition!
As we reported a few weeks ago now, when we passed a full 12 months since our soft relaunch of Raikes, we’re now clocking in excess of 10,000 views a month and have a growing subscriber base (now heading towards 750).
That’s growing organically, no manipulation, no pre-pepared database, no tricks. Its core readership is a good mix of leaders from the business, education, training and charity sectors, plus some political figures to boot.
We would like to think they’re all here because they like to read something interesting, written by a journalist, on a credible platform focusing on Gloucestershire, which is what the aim of Raikes has been from the off - to establish just that. A place away from the marketing-led fast-lane of social media, somewhere to park-up for a few minutes and enjoy a decent view of the county you won’t get anywhere else.
Today’s full edition sees us do what Raikes does, peel back the top line on a story or thread to look at what lies beneath and why, hopefully in a way that gives those of you also at the sharp end running your own businesses some useful or relateable insight too.
There are other stories too. Among them, we couldn’t resist drawing your eyes to what is afoot at Gloucester’s second Cathedral this weekend, with a new name across the front of Kingsholm Stadium in preparation for a very special game.
Come on Gloucester-Hartpury!
Have a great weekend.
Remember, for every person you refer to The Raikes Journal’s email service you get points towards a free membership allowing you to see beyond our paywalls. Please do sign up (free or otherwise), send the referral link to a friend or colleague, and help us grow.
Andrew Merrell (editor).
If you have a story, an issue, a news item, a charity or an interview you want us to write about or investigate, challenge the powers that be on, then please email me: andrew.merrell@raikesjournal.co.uk.
NB: We believe Raikes now publishes probably the best-read business-related email ‘newsletter’, pound for pound, in Gloucestershire. Readership is growing and 2025 looks good!
The first round goes to The Bell
Just as we were about to publish we had a call from Chris Evans, the landlord of The Bell Inn on Cheltenham’s Bath Road. The building’s owner, Peter Glanville, also known as ‘Pete the Cheese’ and the owner of the Cheltenham Cheese Company, has been wanting to turn the pub into a house and flats. Planners on Cheltenham Borough Council refused his application on Thursday. Evans called that ‘round one’, not wanting to celebrate until the community group campaigning to save the pub had won an “asset of community value” status. This would mean that should Glanville choose to sell the building he would have to give first refusal to the group, led by one Debbie Jones. Anyway, Evans phone call was to let us know that he understood Glanville did indeed now want to sell, and as of this afternoon pub now had “asset of community value” status! Could be quite a party in the Bell tonight. Special thanks to Carmelo Garcia, BBC local government reporter for Gloucestershire for the image.
Your briefing notes…
🏆 On Monday we mentioned Sophie McCall, another of the very early interviewees for The Raikes Journal when it relaunched back in early 2024. She’d been shortlisted in this year’s Security Excellence Awards, staged by The Channel Company. McCall, who founded the Security Queens blog and works for global cyber security company NCC Group, was shortlisted in the Security Rising Star category. Anyway, she’s only gone and won! A massive congratulations. Read our interview with Sophie McCall here.
🏘️ Tewkesbury-based Bromford Housing, which has more than 80,000 homes across the South West, East and central England, has merged with Flagship Group Ltd. According to the business, a merger of the leadership teams ensures “continued, strong governance and a blend of expertise from both organisations”. Bromford Housing Group Limited has been renamed Bromford Flagship Limited and now serves as the group parent. Flagship Housing Group Limited has been renamed Flagship Housing Limited and is now a wholly owned subsidiary of Bromford Flagship Limited. Got it? Good.
🚗🚗🚗🚗 Parking fees in Gloucester will not go up from April amid fears the city could become a “ghost town” with the advent of the Cotswolds Designer Outlet up the M5 near Tewkesbury. Gloucester City Council voted down a Liberal Democrat proposal this week to increase parking charges. More of this on Monday’s edition!
🆘 We thought this was handy - plus it’s from one of our Founding Partners! It’s some useful information from Randall & Payne. Rather than put the fear of God into you about the pending end to the tax year, experts at the firm of accountants has published a downloadable free Pre-Year End Tax Planning Checklist.
Major takeover news! Sporting and other highlights this weekend…
🏉 Gloucester-Hartpury will take on Bristol Bears on Sunday in the play-off semi-final at Queensholm Stadium (see above!). Yes, it’s not the men who will be the star attraction this weekend at Gloucester Rugby’s home ground, but the women. They will take to the pitch on Sunday at 3pm as they bid to win the third Premiership Women’s Rugby title in a row. Bristol Bears’ new superstar Ilona Maher will be there, so expect a big crowd.
Friday:
🏉 Gloucester Rugby play Newcastle Falcons away at 7.45pm.
Saturday:
⚽ Gloucester City AFC play Walton & Hersham at home at Meadow Park at 3pm.
⚽ Forest Green Rovers FC play Maidenhead United at home at New Lawn, Nailsworth, at 3pm.
⚽ Cheltenham Town play Grimsby Town at home at the Whaddon Road EV Charger Points Stadium at 3pm.
🎶 Back for its third edition in 2025 is ‘The Sounds of Stroud’, the yearly Sub Rooms showcase, dedicated to grassroots musicians from our neck of the woods.
Sunday:
🎶 The legendary British folk-rock band Fairport Convention play The Roses Theatre in Tewkesbury tonight from 7.30pm.
Discovering a £multi-million third-generation family business
The rebranding of a modest Cheltenham timber business caught a few people’s eyes recently, but they might not have realised they were looking at a £7 million turnover third generation family firm with big ambitions.
By Andrew Merrell.
We’ll get to the cause for celebration in a moment, but if you ask George Smith what the biggest challenge is for his business is currently he’ll tell you what others also tell Raikes – that “cost is the big thing”.
At the moment, no matter what battles lie ahead, the here and now sees Smith and his team celebrating as his business clocks 80 years - and announces some changes.
Why mix up the trials and tribulations of running a business with the celebrations?
We think it shows that even when there’s uncertainty at every turn there are those who are able to make plans, react to the unforeseeable, think strategically and raise a glass. We think that’s worth recognising - and deserves a little credit.
Most who are aware of Cheltenham Timber probably don’t realise, but the modest business just off Tewkesbury Road near Kingsditch Retail Park is part of a family-owned group of three outlets - a group that has grown from a single timber yard started by one man to a company with a £7 million turnover and 50 staff.
If you didn’t know that, at least you may have spotted the change of name of the Cheltenham operation to Walford Timber, a move which brings all three businesses (there’s one a stone’s throw from the Forest of Dean and another in Buckinghamshire) more obviously under one roof.
Not surprisingly, for Smith this is a big deal. It’s an opportunity to raise the profile of a business forging ahead despite operating in a sector that’s still recovering from the yo-yo impact on prices of the covid-19 pandemic.
And one that’s currently bracing itself for the impact President Donald Trump’s tariff wars.
“Timber prices went through the roof, then dropped back through the floor, and have only just found their level,” said Smith, the firm’s managing director, explaining the vagaries of the market through the pandemic and since.
“We used to run a sawmill ourselves and buy in lot of timber from the Forest of Dean, but now we buy in, converting it into fence panels, gates, sheds and other products ourselves.
“We only use sawmills and timber from the British Isles. But the UK as a whole is hugely dependent on timber imports.
“If tariffs on Canada impact, for example, it will means a lot of Scandanavian wood coud diverted there instead as they struggle to meet demand. The only way buyers here in the UK will get that wood is if they pay more.”
Which means, inevitably, the British wood Walford uses will cost more too.
We’ve not even discussed the fuel price fluctuations that followed the pandemic or those other two hot topics of the moment, the rise in National Insurance contributions and the minimum wage, both due to come in this April.
“Cost is the big thing. But in that respect we are no different to any other business,” he said, sounding remarkably matter-of-fact and calm at the controls.
But then the business has weathered multiple recessions - including major flooding - as well as enjoying many highs and award wins and it’s still moving forward and smiling.
“We have been subjected to huge increases (in costs), but for us there is the commodity element.
“There is a ceiling price for some of our commodities. It is simply not possible to push the cost onto the customer.
“There are going to be some big challenges, and the solution is not always to put the price up. Yet we have to maintain our margin. You do that by becoming more efficient and planning for the long term.”
Some of that planning for the future has been helped by another key ‘investment’ Smith chose to make - in himself. And it’s one which is paying dividends.
Some of those valuable dividends are coming in the form of support from a network of fellow business leaders, many from across Gloucestershire. They are part of a huge family Smith became a part of by default after embarking on leadership courses with Gloucester-based QuoLux.
“To have a network of NEDs (non-executive directors) who genuinely want to support each other, as well as challenge each other to achieve our goals has been extremely powerful given everything that has happened in the last 12 months.
“The trust and openness that has developed between us is remarkable. It has led to us achieving some amazing things, creating meaningful change within our businesses during a time when most people are just trying to keep the wheels turning,” said Smith, who began his journey with QuoLux in 2013.
He completed the full suite of LEAD™, GOLD™ and GAIN™, graduating in 2023, the same year as Peter Miles, of Forge Motorsport, and Mark Stewart, of Stewart Golf.
Smith came into the family business in 2001 after having headed off to Buckinghamshire to do a degree in Forestry and Timber Technology at Buckinghamshire New University.
The course is no more, but the Buckinghamshire town remains synonymous with all things timber and a centre for furniture making, with brands like Ercol long-established there.
Walford was started by his grandfather, Herbert Smith, in 1945, and images we’ve included with this article show its modest beginnings in the hamlet of Walford, just as the Forest of Dean flattens to meet the River Wye north of Symond’s Yat and South of Ross-on-Wye.
Expansion has included taking over a former supplier to acquire its third branch back across the county boundaries into Buckinghamshire. Former customer, G & M.B. Manning, in Chesham, gave Walford first refusal because it knew it would treat its business, staff and customers well.
“It (that deal) grew the business by about 20 per cent overnight,” said Smith.
Innovation has also kept the business ahead, including some clever technology to stop its fence posts rotting when they are in the ground - technology since ‘borrowed’ by some competitors, but still a selling point.
“We are immensely proud of our heritage and family legacy; what’s been key to our success is offering a personal service,” he said.
“We’ve tried to keep everything as consistent as we can to offer the same high-quality service, support and products as our long-serving customers have been used to seeing.”
We’ve gone over the ongoing challenges in his in-tray, but outside of his office the mood is upbeat, the nerves steady and it’s all systems go.
“Cheltenham has had a great start to the year. It has been doing really well since November. We have a great team and great people there,” said Smith.