Portman International aims to upscale client portfolio further

Portman International, the Floriana-headquartered professional services group, is to work to upscale its client portfolio further, managing director David Marinelli told The Times Business.

The professional, fiduciary and trading support services firm which has satellite offices in London and Dublin, currently offers back office support for a diverse portfolio of international clients, including exporters, in the oil, textile, and telecoms industries.

“Our strategy is always to improve quality and employ experts, coupled with a regime of continuous training. We only have one way to go as a firm – up-market,” Mr Marinelli said. “Upmarket means larger advisors and larger international business. In business, you can never stand still. This is why we invest heavily in an intensive training regime.”

Portman International was originally established in Knightsbridge in 1986 to provide accountancy and company formation services to small clients. It grew to service international clients who soon dominated its portfolio. In 1997, the company looked to open a back office in Malta to carry out the bulk of the administration in a more cost-efficient manner.

Mr Marinelli joined the firm as a junior partner to lead the Malta team which had just four members. Under the intended strategy, the local operation grew far larger than the London headquarters which began to downsize as a consequence.

Mr Marinelli acquired the entire business in 2002, making it a wholly Maltese-owned firm with a London office manned by a 25-strong team.

“We now employ 80 people in Malta,” Mr Marinelli explained. “The London premises are now used primarily for secretarial support, marketing and meeting clients. We also opened an office in Dublin three years ago to perform the same function as London.

“Portman offers an international solution which gives it a considerable advantage and allows it to compete in three different markets. Our model means we operate from Malta with Maltese employees. As we grow internationally, we employ people here. Traditionally we do not market ourselves. We win business through exterior referral. I travel extensively but we have found that more and more clients are coming to Malta to meet us even if they require services in the UK or Ireland.”

Portman International’s clients are mainly medium-sized firms. By continuously investing in Maltese expertise in UK and Irish tax and law, the firm boasts a professional team made up of 10 lawyers and 30 accountants, besides a host of compliance officers and support staff. Investment in technology is ongoing.

Mr Marinelli pointed out quality, delivery, and, to a certain extent, pricing, were Portman International’s primary differentiators.

“In our business, we tend to move in a circle of trust. Trust and knowing the people you work with is very important because it helps to manage your risk,” he said. “Portman International’s reputation has been built on a track record of consistent quality service delivery. This firm is built for continuity so we guarantee reliability. We have an extremely high client retention rate and our growth by referrals has also been boosted by business transferred from service providers overseas.”

Mr Marinelli admitted recruiting quality had become a problem in all countries as in Malta. He augured local institutions would gear their focus to their quality of their graduates rather than the quantity; employers operating in an international market demanded the highest standards possible. Some Maltese graduates unfortunately lacked life skills and a proper grasp of written and spoken English.

“In this sector, you really cannot afford to make mistakes as there are significant legal and financial repercussions,” Mr Marinelli said. “To grow in business, responsibility and authority have to be delegated downwards. Virtually all our employees deal directly with clients. They are delivering the service and the quality – it is their knowledge, their attitude and values which are transmitted to the clients. They are the face of the firm.”

Portman International has a policy against headhunting but recruited through mainstream channels. It also worked to make itself known among tertiary students and is present at career conventions.