UHY Clients
The Tino Stone Group
23rd September, 2009
The Tino Stone Group
Spanish multinational, The Tino Stone Group, has set itself an ambitious growth plan for the next five years.
It includes franchising its business concept globally; setting up a manufacturing and distribution centre in Shanghai, China, which will spearhead its growth into the Asia-Pacific region; and developing its products into the American market.
Also in the plan is a new innovation park in Granada, Spain, which will include the opening of the world’s only natural stone library.
The Group was founded in 1984 in Almeria, Spain. In its early days it focused on quarrying and marketing natural stone. But in 1996 it revolutionised the natural stone market with the launch of high-quality textured products whose design and innovation changed the sector’s traditional philosophy.
Crafted stonework – used by architects, interior designers, construction companies and private individuals – became highly desirable. In 2003 the Group opened its first customer showroom, in Munich, Germany. It now has 12 showrooms around the world – such as its largest showroom, in the heart of London’s West End, UK – which are promoted as art galleries where design and technology converge.
Tino stone has a wide range of uses, from flooring and wall-covering in major construction projects to bathroom accessories in private homes. Among the Group’s major emblematic projects around the world are installations at George V Hotel, Paris, France; Ritz Hotel, Singapore; Royal Palace, Kuwait; Tomorrow Plaza, Shanghai, China; Astir Palace Hotel, Athens, Greece; Mandarin Oriental Hotel, Miami, US; and Al-Sharq Waterfront, Kuwait City.
The Group’s latest reported turnover is 50 million euros (USD 77.6 million); a substantial spend, 1.4 million euros (USD 2.18 million), is invested into research and development. Its total number of employees is 300.
Among the Group’s most recent developments, subsidiary TINO Stone China is responsible for centralising all activities in the Asia-Pacific region – including a production centre, logistics warehouse and showroom in the Shanghai area. The Group’s total workforce in China is projected to exceed 400 over future years – and as part of its commitment to the region, the Group is opening a school for employees’ children near its production centre where lessons will include tuition on Spanish culture and language.
The Group’s headquarters is at Marbella, Spain, where UHY also has a substantial presence through member firm UHY Fay & Co, which has offices in Madrid, Barcelona, Málaga and Marbella and associated offices in Santiago de Compostela, Tenerife and Zaragoza.
UHY provides integrated cross-border services, including local and international tax services, to The Tino Stone Group through a team of five in the Spanish offices as well as through our offices in Germany (Clostermann & Jasper Partnerschaft); in the UAE (UHY Saxena); and in the UK (UHY Hacker Young).
In Dubai, UAE, we provided consultancy services to support the Group as it established itself and set up a showroom in the Jebel Ali Free Zone to market its products throughout the Middle East.
Antonio Porras, Financial Director of The Tino Stone Group, says UHY was selected for its excellent service and professionalism.
UHY Fay & Co Partner Joseph Fay says: “When our client companies are faced with becoming an international player, the breadth of UHY’s international presence and the depth of its partners’ local knowledge are the two pillars that often make the project a success."
UHY acquired the client as a result of a personal recommendation to the Group’s financial director by one of its business associates. The Group needed important assurance work completed speedily so that the client could receive payment of a subvention. Joseph Fay promised to, and did, deliver it over a weekend. From that date all subvention work has been provided by UHY.
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