The COVID-19 global pandemic had a detrimental effect on many businesses, but there were some sectors...
As Chartered Accountants in London, we often work with some very interesting brands. Today we'll tell you about Euro Floors.
Mr Silviu Negoescu and his wife Teodora Negoescu came to us to open their business Euro Floors London Limited in late 2013 as a wood flooring installation company.
We set them up on Xero so that they could manage their own bookkeeping systems, VAT, payroll and construction industry scheme compliance. The CIS was a relatively new tax compliance requirement to withhold income taxes as a form of payroll tax deducted at source so it was a difficult concept for new business owners to operate including with new online reporting requirements.
Since then we also took over as accountants for their other business previously called Quality European Removals and now Shutters Factory which manufactures window blinds from their Romanian company and imports in to the UK.
We are proud to have helped support this family business grown and become sustainable over the years we have worked with them.
Who are they and what do they do (and how do you help them)?
Euro Floors London Ltd, https://www.eurofloorslondon.co.uk, supply and install tailored finished superb hardwood flooring. They provide the finest quality product and workmanship at reasonable prices.
They represent other companies as their own installers or subcontract business for developers and designers. Their finishing plant is adept at creating unusual finishes to the flooring as well as copying other suppliers’ products. That means, they can match accessories needed and installations.
They were looking for Chartered Accountants London to help with year-end accounts, management accounting, organise their payroll and review and file quarterly VAT returns. This enables us to keep an acute eye on the company’s performance and accounts. More can be found here.
What are the key challenges in their market?
The rapid urbanization of emerging markets and a rise in new construction and renovation activity, has led to a crowded market full of companies offering the similar products and tough competition, with high demand from the consumer's side. Keeping up with this demand and consumers needs is the most difficult issue Silviu and his team faces. Especially as they must offer products at the affordable price, bearing in mind all the costs incurred.
Nevertheless, they have 25 years of experience in which they have faced a very steep learning curve. They have dealt with all types of suppliers, product designers and import authorities. They manage sales and purchase processes, customer care and bookkeeping.
What are they getting right?
For an increasing number of commercial clients for Euro floors, they choose options that are stylish and hard-wearing choices, unique to themselves. They offer engineered wooden floors that have gained prominence over the last few years owing to favourable characteristics such as cost-effectiveness and exclusiveness.
Staff are fully trained and offer the best, most friendly and professional services in such a diverse industry.
What makes them different?
Cheap imports and a lack of homegrown products means an opportunity to supply high-quality hardwood flooring jointly with designers. Offering DIY services and products such as laminate, have boosted their sales in past few years.
Their quarterly account reporting has promoted an enhanced internal controls and disclosures. This also enabled the display of information in a timelier manner resulting in a clear vision of the company’s future.
Euro Floors increased their range of Flooring Products to include some superb new colours and sizes. They introduced LVT (luxury Vinyl click flooring) to give customers a wider choice of flooring for areas with higher moisture. We have successfully launched our window shutters division (trading as EFL shutters). This has enabled us to offer a broader scope of materials and services to our clients.