Royalty auditing firm 360 Audit is looking to improve further on its healthy growth in 2014 by exploiting a number of international growth opportunities.
In the past 12 months the business has secured contracts with a number of high profile brands including WWE, Michelin Tyres, The Jim Henson Company and Global Merchandising Services. More recently it has worked with Jamie Oliver and Gary Barlow.
In 2014 alone, the business recovered in excess of £3 million in underpaid royalties for some of the biggest brands in the world.
And 50 per cent of 360 Audit’s 2014 revenue came from audits conducted outside of the UK, with Latin America, South Africa, North America and Australia being hot spots.
Now the firm has hired a series of senior auditing experts in various territories to support its international growth.
Marie Wood has been appointed from Cooperative Financial Services as head of audit for the UK, whole Zoe Bridges – who is based in France – is overseeing audits across Europe. Appointed earlier this year from HW Fisher, Henrique Carvalho is making strides in growing the business’ offering throughout the US and Latin America.
"At the start of 2014 I recognised the business needed more resources out on the ground internationally in order to grow the company as we want to," commented Henna Riaz, managing partner at 360 Audit. "Overseas is where we see a large percentage of our growth and it’s important we have auditors on the ground that are well versed in doing business in the area and speak the language.
"It’s imperative that licensors are protecting their intellectual property – and not just in the UK. There has traditionally been reluctance to audit overseas but now, as licensing programmes become increasingly global, is the time for brands to consider implementing international audits to ensure they’re making the most of their licensing agreements."