A TECHNOLOGY entrepreneur who cut his teeth at his family’s printing business in Dalkeith is aiming to turn his internet company into the “Amazon or Ebay” for business customers.
Philip Letts, whose family owned the eponymous diary publisher for two centuries, yesterday unveiled maiden results for Blur Group, which joined the Alternative Investment Market in October.
The firm runs an online “global services exchange” on which companies can post contracts and other businesses can bid to fulfil those orders.
Companies including holiday park operator Butlins, betting shop chain Coral and medical device maker General Electric Healthcare are already using Blur’s services.
Letts – whose father, Anthony, was the last of the family to run the diary company before it was sold to its management team in 2000 – said: “As Amazon and Ebay have fundamentally changed the way in which consumers buy day-to-day products, Blur Group is seeking to fundamentally alter the way businesses buy core services.”
His comments came as his London-based company – which Letts founded in 2006 and now leads as chairman and chief executive – posted a 216 per cent rise in revenues to £1.8 million in 2012, the fourth year in a row the firm has chalked up growth of 200 per cent or more.
But Blur’s losses before tax widened to £1.2m from £441,000 as the company grew its headcount to 14 from ten to cope with its increased workload, which more than doubled its administrative costs.