Libby Nockles - Bikram Yoga

Bikram Yoga Leicester provides a unique way to deliver total health through the balancing and strengthening of every system in the body. Now with a celebrity following and more people realising the health benefits of ‘hot yoga’, owner and founder Libby Nockles tells us more about the journey with SRL and how partnering with a trusted advisor for business support has helped nurture her business.

Libby gave up her job of travelling round the world and set up the business on Friar Lane in the city.

Now a prominent brand in Leicester, BYL has experienced double-digit growth year on year since its birth and is in a healthy position!

Over the years, Bikram Yoga has relied on the different areas of expertise from SRL to manage its growth, reduce its tax liability and help make informed decisions about its future.

"The business was as a Sole Trader in 2004. My husband and I put our heart and soul and everything we owned into the business. We wanted to avoid getting a loan for the business, so things were tough at the beginning. Initially we focused on getting our processes right and putting the word out there about this revolutionary way to fitness.

"In 2005 where there was steady organic growth but we felt we needed professional advice from an accountancy that had experience in working small-medium businesses. We were recommended SRL by an existing client of theirs.

The right posture

"Our partnership began in 2005 and this really was a turning point for the business. There was senior involvement from the outset, something you don’t always get with accountancy firms. Suresh, the senior partner, spent time understanding what we wanted to achieve from our business and how we planned to do it. He challenged our business structure as a sole trader and questioned whether it was the right fit for our objectives and growth trajectory. We had looked into becoming a limited company before, but were told we could not. SRL brought in a network of expertise which we did not have access to previously to investigate the possibility of changing the structure.

"After a detailed look into the case, there was a positive conclusion and we successfully converted the business to a limited company and also registered for VAT. As we registered for full VAT, we knew that the downside of this was that a slice of our revenue would be paid to her majesty, but commercially, it put the business in a far more robust position. The guidance helped us think more commercially about our business and exactly how we were going to deliver on our strategy.

From this point our turnover doubled in the space of a year.

"SRL helped us measure and manage our progress. We agreed on a reporting process that would give us our monthly cash-flow, reporting and management accounts. The process gives us transparency and allows us to keep our finger on the pulse, inevitably resulting in better decision-making.

Leaning on SRL

"The advice we get stretches out beyond that of a traditional accountant. They have helped us look into expansion plans by approaching the banks, commercial properties brokers, mapping out scenarios and providing forecasting.

"SRL insist on regular meetings to understand our corporate and personal goals. These often change, so it is important they are in tune with our priorities and help us make decisions in line with these, whether it is to increase the value of our business, improve cash flow, or extract cash out of the business to make a property purchase.

"We do not worry about a thing, they look after everything from our book-keeping to completing our year-end accounts, they ensure we are paying the least amount of tax, and most importantly, they are always at the end of a phone if we have any queries. This gives us complete peace of mind that we have the business support we need alongside us.

"We pay a monthly fee to make it easier on our cash-flow and there are no additional charges for meetings or phone calls. It’s simple.

"The lack of worrying about the financials allows us to focus and concentrate on what we do best – making our clients healthier."