Client Case Study by Accru Rawsons

BioteX Nutrition commenced operations at the start of 2023, with a focus on health and wellness. The BioteX team are passionate about bringing products to market that not only help their consumers achieve their fitness goals but also help achieve a healthier mind and body.

The business was originally founded by Robin Junior Hasting-Ison, Dan Nichols and Mark Martin. Recently former Australian Iron Man Guy Leech and Dale Mcelroy (R&D Director) have joined the original founders as shareholders in the business. 

“The idea came about as many products in market were one dimensional and did not deliver a holistic approach to health and fitness,” says Robin. “Our aim is to deliver products that not only aid in muscle development and muscle recovery but to also aid in improved Gut Health using Pre and Post Biotic bugs.”

BioteX isn’t just focusing on delivering world leading supplements but also has a strong vision for a more sustainable future. Dan stated that Biotex’s vision is “To be a leader in commercialisation of precision fermentation. This will result in BioteX™ being at the forefront of sustainable and economically viable commercialisation of future foods.” This will see Biotex not only delivering market leading products today but a more sustainable and cost-effective product range in the future.

Mark has a highly detailed approach to BioteX business operations and has always had a clear vision for the expansion of BioteX Nutrition however needed guidance when it came to the day-to-day accounting and understanding the financial operations. Mark approached Accru Rawsons and has been assisted by Partner, Brendan Watson and Senior Accountant, Brooke Roush. “After our initial meeting with the BioteX team, we were eager to assist them on their new business venture,” says Brendan. “While setting up a business is exciting, it is also a great time to approach a professional to ensure you are establishing the business with the correct group structure to enable tax efficiency and scope for potential rapid growth, including bringing in new investors as shareholders.”

As with any business, it is imperative to get the fundamentals of documenting and recording your transactions right from the beginning. “It is cumbersome for any business with a significant volume of transactions,” says Brooke. “We strive to streamline the accounting requirements of our clients so they can spend more time focusing on building their business. We enjoy passing on our knowledge and mentoring clients on using their accounting programs effectively to ensure they have the right systems to meet their compliance obligations and be able to make informed business decisions going forward.”

While it is early days for BioteX Nutrition they have already had several early successes with a number of overseas orders already taking place and with Guy Leech joining the team as a major shareholder they are busily planning a ‘Go to Market’ launch in Australia that will ensure their ongoing success.

Accru Rawsons have played an integral role in establishing the correct business fundamentals for BioteX Nutrition. “Brendan Watson and Brooke Roush were highly recommended from another business contact, and we couldn’t be happier,” says Mark. “We have a high level of knowledge regarding product development, commercialisation and manufacturing operations but had a real knowledge gap in the day-to-day accounting and financial requirements to run a business. We see Brendan and Brooke as a part of our team, and they have played a key role in setting us up for our ongoing success.”

With strong plans in place BioteX is looking forward to significant sales growth in Australia and overseas. An exciting new product pipeline, marketing initiatives, as well as a focus on team culture and success, will see BioteX Nutrition become a household name in the years to come.

Want to learn more about how Accru can help your business? Contact our team today