LONDON, 2 June 2009 - BullionVault.com - the world-leading gold dealing service for private investors online - was last week presented with a Queen's Award for Enterprise Innovation at its offices in Hammersmith, reports the London Informer.
"I'm honoured the Queen has recognized BullionVault's innovation in making gold simpler, safer and cheaper for private investors," said director Paul Tustain, 48, who launched the business from a rented garage in 2005.
He was presented with Her Majesty's official citation by Wing Commander Mike Dudgeon OBE DL, Deputy Lieutenant for the borough of Hammersmith and Fulham, in a ceremony on Wednesday.
Now employing 15 staff full-time, BullionVault enables private investors from around the world to buy and sell gold bullion at low cost via the internet, storing it securely inside professionally approved vaults.
Tustain devised the idea after struggling to find a simple and cost-efficient way of buying gold for himself earlier this decade.
Last year the company grew its turnover five times over to £252 million, netting £1.8m in pre-tax profits and becoming the world's largest store of privately-owned investment gold bullion. Today it cares for over £330m worth of physical gold on behalf of more than 13,000 customers.
"It's one thing to spot an opportunity, but quite another to make it happen," said Tustain, "and I'm very proud of the hard work done by BullionVault's I.T. development team."
Until BullionVault, says the Queen's citation, private investors were restricted to dealing in high-cost gold coins. Now they trade 24 hours a day, live over the internet. Using new technology built in-house, BullionVault also publishes daily information showing clients that their gold is safe and they are entitled to it in full.
BullionVault's Paul Tustain receives the Queen's Award for Enterprise from Mike Dudgeon, deputy lieutenant for Hammersmith & Fulham.
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