Management Resource Solutions
Founders: Paul Morffew, 45
Head Office: Queensland
There may be talk of the mining boom coming to an end but quality assurance business Mining Resource Solutions says even in the boom times clients have been careful with their money.
Paul Morffew started the business after identifying a lack of solution providers in the mining oil and gas service fields.
Management Resource Solutions provides quality assurance and quality control solutions to top tier mining, oil and gas companies and help them implement those systems efficiently.
“It’s interesting that although we are working in the boom sector the clients are getting more savvy and tighter with their money and squeezing profit margins down, so we need to think outside the box to keep our profit margins up,” says Morffew.
For Morffew the key has been believing in his business and what it does.
“Our concept of our business is very hard to sell but when you get a grip on what it is you are selling the smoother and easier it is to sell,” he says.
“You need to work out what your client needs and not dictate to them what you want to sell, hence creating a solution for their problem.”
The next item on Morffew’s agenda is finalising Management Resource Solution’s listing on the Deutsch Boerse Entry Standard Exchange.
“We have had some hiccups and were supposed to be listed by March but UK regulations have slowed us down,” he says.
Management Resource Solutions now has a company valuation of 38 million euros and will list on the exchange at 1.25 euros.
The plan then is to merge five like-minded companies into a cash and script roll up, then develop the concept of contract mining their own mines.
This listing will also provide an exit strategy for Morffew as after the listing he can then look at a buy out.