When the recession hit in the early 1990s, London-based property consultants Nelson Bakewell decided to change strategy. By switching focus from sales to the management of property portfolios for large corporations, Nelson Bakewell generated a steady income that allowed it to survive while others sank. This left the company well positioned to win more accounts when the market recovered in the late 1990s. Set up by two university friends in 1982, Nelson Bakewell has driven up profits by 43% pa, from £1.6m in 1995 to £4.8m in 1998. Sales have risen 31% pa in the same period to reach £15.1m. Chairman Phillip Nelson attributes the company’s recent profit growth to building long-term client relationships, investing in new technology, and to an increasing tendency for large corporations and local councils to out-source their property management.
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