Venners Help Pirate Put a Price on Unscannable Products
“We came to Venners late and with a complicated proposition, but the team didn’t blink at anything we threw at them.
Venners worked closely with our internal team to understand a complex and technical inventory, and turned around a nationwide inventory check in remarkably quick time. We now have an accurate inventory catalogue across all our UK sites and we’re so much more confident in our due diligence set-up going forward.”
– Mike Brandon, Managing Director, Pirate
Summary: An Investor-Owned Asset Valuation
In a bid to improve transparency of investor-owned assets, Pirate, an international music and dance studio operator approached Venners for a bespoke valuation of specialist musical equipment. With 30 of its sites across the United Kingdom and Ireland, Venners was able to send a unit of its nationwide team of stocktakers to value thousands of non-barcoded products and presented an accurate inventory to Pirate, which amounted to several million pounds worth of assets.
The Client: Pirate Music Recording & Rehearsal Studios
Pirate’s business model, which operates on a 24/7 basis and provides access to (at times) unstaffed creative spaces, such as recording and rehearsal studios, previously relied on weekly internal counts, which were conducted by part-time staff. To tighten up operational due diligence they required an independent product count across all areas of the business, which included its various music types of music studios and warehouses across the globe. This would also help them to ensure that they continued to provide the same equipment and excellence across all studio locations for their clients.
The Problem: Unscannable Products Nationwide
Where many of these products were not able to be scanned, due to the nature of the products, they needed auditors that would be able to visit and count everything in the same way across all of their sites, something which Venners stocktakers are all too familiar with. Although Venners mainly concentrate on food and drink related stocktaking, its highly trained auditors easily adapted to this previously unknown territory of the music world, delivering to both the required specifications and deadlines.
The Solution: Inventory Catalogue and Auditing Process
Following a discussion about the task at hand, Venners were able to provide the necessary services at short notice to all Pirate’s UK and Ireland sites, which spanned between Plymouth and Edinburgh. COVID-19 travel restrictions unfortunately made it impossible to complete the same counts across their European and US sites too.
Working closely with Pirate’s internal staff Venners ensured that the counts would be replicable on a bi-annual basis and would support internal auditing processes ongoing. To create a master inventory catalogue, they first identified every available product, then coded them effectively, before sending out its auditing team to complete the detailed count of products for each site. As every site comprised multiple rooms and storage areas that contained equipment, Venners reports specified assets per site as well as per room, counting in almost 450 different areas.
The Future: An Ongoing Partnership
Venners looks forward to continuing their new partnership with Pirate going forward to help them maintain standards and improve asset security and due diligence.
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