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| Vitabiotics honoured for beating recession in UK |
| H S Rao/ PTI / London Jun 15, 2009, 09:50 IST |
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Health care product manufacturer Vitabiotics, founded by NRI entrepreneur Kartar Lalvani, is one of the three British firms to be honoured by the 'Institute for Family Business' for successfully beating the impact of recession.
There are about three million family businesses in the UK, whose combined turnover of one trillion pounds accounts for 30 per cent of the GDP and one in three jobs and the sector is proving particularly resilient to the economic downturn, the Institute said today.
The other two companies to be awarded are protective clothing company Arco and high-street chain of opticians, Specsavers.
"Family businesses are not immune to recession," Grant Gordon, the IFB's director-general said.
"They face same challenges as everyone else. But they do tend to take a long-term view and a more cautious approach ... That can act as cushion in difficult times," he said.
Such is the case at Vitabiotics, where Tej Lalvani, the vice-president adheres to the principles laid down by his father Kartar Lalvani, who founded the company in 1971, the IFB said.
"We don't take major risks, we don't use agencies and we are debt-free," Lalvani said.
Vitabiotics is a global nutraceutical firm specialising in vitamins and mineral based formulations.
"The recession has actually been quite good for us, as the media rates have come right down and we have been able to double our marketing spend," Lalvani said.
Although Tej Lalvani is the only member of his family involved in the day-to-day running of Vitabiotics, his father remains president and his brother serves on the board.
Lalvani believes that the family connection keeps the company true to its founding values. "My father is a pharmacist and a scientist, so was always concerned that the company would lead the way on innovation, quality and safety. So we run proper clinical trials on our products."
Lalvani knew from an early age that he wanted to join the company and tells of sitting at the kitchen table aged seven sticking labels on bottles of pills.
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