Cheadle-based language services provider (LSP) The Translation People has announced it plans to at least treble in size by 2028 following its recent investment from private equity firm, Mobeus.
The announcement came after the business reported its latest financial results, achieving a turnover of £7.5m for the financial year 2022-23. During this year, The Translation People gained 433 new clients across the group, with notable sectors including healthcare, logistics, consumer goods, fintech and non-governmental organisations.
As well as aiming to at least treble its turnover and profitability, the business aims to grow its teams worldwide. The Translation People currently has offices across the UK, France and Germany.
Coinciding with the financial backing of Mobeus, The Translation People has appointed Tom Grunwald as CFO. He will drive the business’s ambitious growth plans, which focus on both organic expansion and a buy and build strategy. Grunwald joins The Translation People with nine years’ experience working in finance and private equity.
Talking about the business’ future, Grunwald said: “The translation market is large and fast-paced, so it’s an exciting time to start implementing these ambitious growth plans. The Translation People proved to be resilient during the pandemic and despite the current economic uncertainty, the business continues to capitalise on opportunities. With new technology like AI driving the sector forwards, it’s a pivotal moment for LSPs and part of our approach will be to explore how we can utilise technology to enhance our offering to clients.
“To support our organic growth, we’re actively recruiting new talent and investing in our people through training and development. We already use technology such as machine translation to improve efficiencies and services to clients, but we’re exploring other new solutions to build on our capabilities.
“When it comes to our buy and build strategy, we’re looking for LSPs with the right culture fit in terms of how they work with both employees and clients. As well as looking for businesses with a strong client base, we’re also interested in those which are using technology in an innovative way or have a solid track record in specialist verticals, which will help us strengthen our service offering and consolidate our presence in key sectors.”
The Translation People has over 40 years’ experience of delivering high quality translation services to clients around the world and is able to translate material in more than 300 different language combinations. As well as document translation, The Translation People has a diverse selection of services including interpreting, video subtitling, e-learning localisation and machine translation technology.