June 2004
O'Connell's clean up
Melbourne-native Russell O'Connell, founder and chief executive of Ofex-traded homeservices franchise business Myhome, plans to grow its sales to £85 million within five years.
Domestic cleaning services is one of the UK's fastest growing business sectors, as more and more 'cash rich, time poor' householders, rushed off their feet, look to pay to have their chores done for them.
South-London based Myhome is expanding its franchises rapidly. the ambitious Aussie, who spent time in South East Asia as a consultant to small-to-medium-sized companies, wants 30 franchises up and running by the end of the year. He has also spied 172 potential franchisees in the UK.
Interim figure to end-March revealed a small £10,000 loss, cut from £171,000 in 2003. But the business has been on hold for two years while systems were put in place and the rationalisation carried out. O'Connell expects a move into profit shortly.
O'Connell's Chores company bought Myhome, a former Unilever subsidiary, back in 2001, and the FTSE 100 giant retains around eight per cent. Fellow antipodean Bruce Rowan has around 20 per cent through his Web Shareshop vehicle