A third generation of Rigbys has begun to enter the SCC workforce, Rigby Group’s Co-CEO revealed as he acknowledged the family-owned reseller and services outfit had endured a “more difficult” year.
In his ‘Summer 2024 CEO update’, Steve Rigby acknowledged that SCC’s UK business “really felt the pressure from the UK economy”, and will post lower profits in its year to 31 March 2024.
“The economy grew 0.1% and we had 6% inflation. That was really matched in SCC – 3.5% growth,” Rigby said.
“But unfortunately, partly through the acquisition of Nimble, Resonate and Vohkus, and partly through inflationary pressures, the results will be suppressed through increased costs which outpaced growth.”
Birmingham-based SCC is the UK’s sixth-largest reseller/MSP-style business, according to the recent Oxygen 250, with fiscal 2023 UK revenues of £881m.
Turning over £3.3bn in total last year, it forms part of a wider Rigby Group whose interests also span airports, real estate and hotels.
SCC’s French and Spanish arms fared better during fiscal 2024, posting 3.5% and 5% growth, respectively, Rigby said.
Third generation declaration
Rigby revealed that a third generation of the family is now starting to enter the business as it approaches its 50th year, with Nick and Matt Rigby both now in operating roles in SCC.
“The group is supported by a great balance sheet – over half a billion pounds of assets – and that allows the family to take long term considered decisions about the future direction,” he said.
Rigby Group’s other technology interests endured mixed fortunes during the period, Rigby revealed.
While CloudClevr, an MSP SCC has built from scratch via four acquisitions, is “really now a sizeable business” with over £30m revenues and over 2,000 customers, Nuvias UC “had a much more challenging year on the back of declines in the industry”. Its revenues fell 29%.
Rigby Group’s minority investment in Infinigate (which acquired its former Nuvias business in 2022) “continues to do very well”, Rigby added.
SCC unveiled a fresh £300m M&A warchest in November 2022. There would appear to be plenty left in that kitty, with Rigby revealing the wider group spent £60m on acquisitions “in the last year”.
