William McColgan, McColgan’s
William McColgan and his sister Grainne Hampton purchased McColgan’s, a food business established by their grandfather, in 2022.
It is a third-generation family business located in Strabane, Co Tyrone, on the Border with Co Donegal. Established as a tea room in 1940, McColgan’s has grown to become one of the largest producers of savoury pastries on the island.
The group has one factory located in Strabane, where it employs about 300 people. Its original retail location continues to operate on the town’s Main Street.
What vision/light-bulb moment prompted you to start up in business?
In my second decade of corporate life, I went back to do an MBA, surrounded by employees of major corporations and some successful entrepreneurs. Seeing the example of the self-employed, it became obvious that being able to set my own direction and having the freedom to live more authentically would be good for me. And it has been.
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Describe your business model and what makes your business unique.
We make chilled and frozen pies, sausage rolls, and quiche for all the major multiple supermarket brands in the Republic, as well as Northern Ireland and Britain. We have a commanding presence on the island of Ireland and take our market leadership in the category very seriously.
What is your greatest business achievement to date?
What my sister and I have achieved in terms of culture and transformation in the short span since we bought the company in 2022 has been a wonderful thing to witness. Culture requires daily reinforcement, but the impact is immense. It comes about slowly, but there is a quality to experiencing the shift, which is hard to describe.
What was your back-to-the-wall moment and how did you overcome it?
Immediately after we took on all the debt and bought out the prior owners, the invasion of Ukraine happened. Commodity prices went skyward, as did interest rates, and we made the first loss in the company’s long history. And it was a big loss. In response, we became obsessively focused on the value drivers of the business and managed them daily, the old-fashioned way.
What moment/deal would you cite as a turning point for the company?
The 2022 buyout was a major turning point in shaping the company into what it is becoming today. It was already a successful business, but growth had stalled. I’d say the real game changer was the fresh perspective we both brought, having worked abroad for global companies, and how that experience could be truly transformative.
What were the best and the worst pieces of advice you received when starting out?
The best advice was probably from my father: “Not every shot has to be on goal. Keep playing the long game.”
The worst? “Work hard, do what you’re told, and your employer will look out for you and your career.” This was never explicitly said to me, but it’s a mindset many people starting out seem to adopt.
To what extent does your business trade internationally and what are your future plans/ambitions?
Most of our sales are exports, with the Republic as our largest market and Britain as the second. Given the market share we enjoy in Ireland, we must look to the UK and beyond for continued growth. We expect to secure several significant new international accounts this year and next, which will further strengthen our global footprint.
Describe your growth funding path.
Historically all of our growth has been funded through our own operations.
How will your market look in three years and where would you like your business to be?
Food-buying trends are shifting more quickly now than during the prior 60 years we have been in business. There is a strong transition towards healthier eating, and this is unlikely to slow. The prevalence of plant-based proteins is growing, in tandem with the growing awareness of the environmental impact of meat. Our business will be at the forefront of both trends while defending our traditional markets.
What are your annual revenues and profits?
Revenues of £30 million (€34.4 million) and profits of £2 million to £3 million.
How are you deploying AI in your business and what impact has it had on your performance?
We’ve developed a predictive model to forecast demand in collaboration with the Hartree Centre, and now have some in-house capability as a result of that partnership. We’re also applying pattern recognition to accounts payable and have begun training a model to support accounts receivable. We do not currently use generative AI for any external-facing content.
James Kelly, LMH Engineering
James Kelly is managing director of LMH Engineering, which offers a variety of engineering services to customers by combining traditional manufacturing skills with advanced design and project management and production capabilities.
Headquartered in Co Wicklow, it employs 220 people and operates across four countries, with offices and legal entities in Ireland, the UK, Denmark and the Philippines.
What vision/light-bulb moment prompted you to start up in business?
At an early age, I witnessed first hand how traditional construction methods were limiting progress at LMH. The light-bulb moment came when I realised we could treat construction like manufacturing: design it to make it modular, repeatable and efficient. That insight sparked a major shift in how we approached our work and ultimately fuelled my ambition to lead LMH into a new era.
What makes your business model unique?
We offer a wide range of services including bespoke solutions for complex steel installation for our clients in the traditional methods of construction, which is a large portion of our work streams today. We then bring this approach to the large-scale offerings we operate with a manufacturing mindset: standardised, modular, and streamlined delivery. We design, fabricate, and assemble large-scale mechanical and structural modules off-site and deliver them ready for rapid installation.
What is your greatest business achievement to date?
We’ve significantly expanded our production capacity across multiple sites and built robust in-house design and engineering capabilities. Opening our flagship facility and securing major international contracts has positioned us as a trusted leader in sustainable infrastructure delivery with net zero carbon mission for what we aim to deliver across the globe.
What was your back-to-the-wall moment and how did you overcome it?
Our biggest test came during Covid-19. We had just started building our new facility when lockdowns hit. Inflation surged, budgets were stretched and uncertainty was everywhere. But through clear decision making, adaptability and an unwavering commitment to our team and clients, we stayed the course and completed the project. That resilience set us up for strong post-pandemic growth.
What moment/deal was a game changer for the company?
In 2016, we secured a data-centre project in north Dublin that proved to be transformative. It was our first major opportunity to demonstrate the full potential of off-site modular delivery, with a fantastic client behind us. The project showcased our complete capabilities: 3D design, precision engineering, manufacturing and efficient site integration. It marked a turning point that set the stage for future growth and sector leadership.
To what extent does your business trade internationally and what are your future plans/ambitions?
About 58 per cent of our business comes from international markets. We currently operate in four European countries and plan to expand into additional markets alongside client growth. We are targeting expansion into the US by 2027.
What is your growth funding path?
The business and growth have been financed through a combination of retained earnings, reinvestment of profits and targeted external funding.
In the early stages, we relied on internal cash flow to expand our manufacturing capacity and invest in technology: this included doubling our fabrication facilities and acquiring adjacent land to support long-term growth.
As we scaled, we selectively pursued external funding opportunities, including government grants and R&D incentives. Looking ahead, we will continue to grow organically while pursuing investment opportunities.
How will your market look in three years?
Over the next three years, the modular construction and off-site manufacturing sector (particularly in high-growth areas like data centres, gigafactories and pharmaceutical facilities) will become increasingly competitive and innovation-led.
By 2028, our target is to achieve 90 per cent off-site manufacturing across our portfolio, delivering barcode-style modular components built using advanced technologies and 100 per cent recycled steel. We plan to significantly expand our off-site manufacturing facility in Arklow to 500,000sq ft, with a long-term ambition to exceed one million square feet through strategic bolt-on acquisitions.
What impact have Donald Trump’s tariffs had on your business?
The US tariffs introduced early uncertainty and cost pressures, particularly around imported steel and related components. In response, we strengthened our local and regional supply chains and improved manufacturing efficiencies to mitigate the impact.
While the tariffs highlighted certain risks associated with the US market, we still view the US as a high-potential region for growth. That said, we now take a more cautious and strategic approach to investment, with geopolitical considerations playing a larger role in our long-term planning.
Terry Hughes, Pivotal
Terry Hughes founded Pivotal, a cash-in-transit and cash-management business, in 2005. It serves about 8,000 customers across Ireland and Britain.
Starting from a single branch in Belfast, Pivotal has expanded to operate across 18 centres, employing 1,200 people. It provides about 44,000 cash-in-transit services per week through its fleet of 550 vehicles.
It also wholly owns and operates about 2,000 ATMs across Britain and Ireland, with plans to expand this to 10,000.
What vision/light-bulb moment prompted you to start up in business?
I saw that cash was a product that should be traded and managed as a commodity. To that point, the industry focused wholly on secure storage and secure logistics.
What makes your business model unique?
We buy and sell cash using wholly owned, bespoke technology across Britain and Ireland. This is enabled by our infrastructure of 18 cash centres, 550 armoured vehicles, and 1,200 employees.
What was your back-to-the-wall moment and how did you overcome it?
There have been many, including the 2009 crash, when our [finance] facilities were called in; Covid, when 80 per cent of our business ceased within days; enduring over 200 armed robberies, a Tiger Kidnapping and an armed branch takeover resulting in a £5 million loss.
I overcame it all with resilience and perseverance, and with the support of an unbelievable team. It’s true: what doesn’t kill you makes you stronger. Learn, adapt, overcome and never give up.
What moment/deal would you cite as a turning point for the company?
The acquisition of Security Plus in the UK has been the biggest game changer, taking the business towards £100 million and cementing our position as the largest independent service provider in Europe.
To what extent does your business trade internationally and what are your future plans/ambitions?
We currently trade across Britain and Ireland, with plans to move into mainland Europe imminently – with the Czech Republic, Holland and Italy as identified markets. We believe that success there will open up other international markets for the business.
What are your growth funding plans?
Our funding path has been an eclectic journey since 2005. Initial funding came directly from my own resources and savings, with some support from the bank through hire purchase and termed facilities.
We traded well and generated free cash within the business, incrementally borrowing substantial amounts from the bank to fund capital expansion, such as building a secure cash centre, equipment and vehicle fit-outs.
At the time, the bank was eager to lend to the business. That changed with the financial crash, when we quickly realised we were significantly over-leveraged and the banks wanted their money back.
It was a strained time, to say the least. I had to ask staff to take wage reductions, maxed out my credit cards, and relied on family to provide enough funding to keep the doors open. Ultimately, in February 2009, a £30,000 credit union loan kept us operating.
For several years after, we avoided debt and relied on free cash flow to fund growth, which undoubtedly delayed expansion.
A few years ago, we moved to Barclays Bank, who have been fantastic and supported our acquisition of Security Plus in the UK, a transformational step. We now maintain relatively conservative debt, a mix of termed facilities, overdraft, hire purchase and invoice financing.
How will your market look in three years and where would you like your business to be?
We will broaden our service offering to maximise the value of our infrastructure, IT, secure facilities, logistical footprint and extensive customer base.
Additional services will include the secure storage, handling and distribution of high-value items. We have recently secured the contract across Ireland with the US embassy for visa and passport management. We will also develop our foreign currency offering into wholesale note supply.
Our goal is to have a robust plan in place to grow the business to £1 billion in contracted revenues and improve our earnings to 20 per cent of revenues.
What are your annual revenues and profits?
This year, we are budgeted to achieve £100 million in revenues, with earnings of £13.5 million. Our contracts are typically for three years, giving us strong visibility on delivery.
What are you doing to disrupt, innovate and improve your offering?
Pivotal has developed wholly bespoke software (of which we own the IP) and we maintain an ongoing programme of development and continuous improvement.
We own and operate the entire cash management cycle, underpinned by our class-leading software. We arbitrate cash, which reduces our customers’ cost of cash handling and delivers a far more efficient service.
Gary Lavin, VITHIT
Gary Lavin is the founder and chairman of VITHIT, which is a low-calorie, low-sugar vitamin drink brand. Each drink is blended with real juice to deliver flavours, while keeping sugar intake low.
The company employs 30 people and the brand is available in 18 markets worldwide. In 2025, VITHIT will sell more than 45 million bottles, continuing a growth trend of 18 per cent annually since 2020.
What vision/light-bulb moment prompted you to start up in business?
Back in 1999, as a professional rugby player, I was surrounded by sugary sports drinks that were marketed as healthy but packed with sugar. I realised the gap: people wanted healthier options that actually tasted good. That was the light-bulb moment: to create a drink that combined vitamins, tea and fruit juice with low sugar and great taste.
What is unique about your business model?
VITHIT operates as a health-focused functional beverage brand. We combine vitamins, tea infusions and natural juice with minimal sugar, offering real functionality without compromising on taste. What makes us unique is our formula: low-calorie, low-sugar, vitamin-rich drinks that people actually want to drink.
What was your back-to-the-wall moment?
In 2007 the company was insolvent. I had to make our sales team redundant and take over 100 per cent of the sales myself. I drove across the country for 18 months and personally sold the product into 3,500 stores. It gave me an insight into our customers’ needs while rescuing the company’s finances.
What moment/deal would you cite as a game changer for the company?
Once we had proved the concept of the brand across Ireland, we needed a more efficient way of getting the brand to the people. In 2008, we signed a national distribution agreement with a large distributor in Ireland. Sales increased tenfold and allowed me to finance the brand expansion overseas.
Best and the worst pieces of advice you received when starting out?
The worst advice came from almost everyone: “If it’s not working, just give up and try something else.”
Deep down, I knew I was on to something when I launched the company back in 2000. I believed that once people realised that they could choose VITHIT over sugary drinks, they wouldn’t look back. That belief kept me going when others told me to quit.
The best advice came from my father. His mantra was: “Love many, trust few, always paddle your own canoe.” It’s simple but powerful: embrace life, be cautious in business, and take charge of your own journey. That mindset has guided me through every high and low.
To what extent does your business trade internationally and what are your future plans/ambitions?
We currently sell in 18 countries and are proud to be the market leader in our category across Britain, Ireland, Iceland and Belgium. We’ve also built a strong presence in Australia, the UAE, Spain, Portugal, the Netherlands, France and Norway.
Describe your growth funding path.
Our proudest achievement is still being entirely self-funded. We have never taken in any outside investment, which can be challenging at the start but worth it in the long run.
How will your market look in three years and where would you like your business to be?
While we were the first vitamin drink in Europe in 2000, there are hundreds of new brands targeting health. We see this as a real positive. Each new brand broadens the customer base and increases awareness in health.
What are your annual revenues and profits?
VITHIT sells over 40 million bottles annually with strong double-digit margins. The company has been profitable for over 10 years and has grown 18 per cent annually for the last five years.
What are you doing to disrupt, innovate and improve your products?
Three years ago, we expanded our range with a sparkling VITHIT can. Then, 18 months ago, we launched an all-natural effervescent pouch designed to upgrade your water. Right now, we’re developing new flavours.
What impact have Donald Trump’s tariffs had on your business?
The US is a challenging market for soft drinks, largely due to the significant investment required to launch and scale. That said, we’ve established a strong presence in New York and Virginia and continue to grow through strategic local partnerships. While policy volatility such as tariffs does introduce additional risk and cost, our global strategy isn’t heavily reliant on the US market.
