Bullion House is a South African consultancy based in Cape Town specialising in building business value fast. Bullion focuses on maximising the value of medium to large enterprises by:


  • building and  leveraging  long-term brand assets
  • establishing new international markets
  • preparing for mergers & acquisitions, fundraising activities
  • maximising sale values for medium to large enterprises


No matter the business you’re in, if your aim is to sell, merge or grow, your value will be formula-driven, i.e. Value = Profit x Multiple.

V = P x M


You’ll no doubt have been lead to believe that you need to focus on profit because the multiple is industry-determined and therefore fixed. It is not. Bullion House increases the attractiveness and value of your business by focusing primarily on the M in the formula. Bullion will show you how you will grow your value far greater, much faster if you can multiply the multiple.


Bullion works in partnership with a network of highly-ranked local and International corporate finance houses, and channel, market, distribution and legal specialists to maximise the value of your business, whether today or on exit.



Bullion helps you to maximise the multiple of your business by increasing strategic assets or decreasing risk, AND improving profits. Whilst our particular area of speciality is on growing strategic asset value, we work with leading local and International corporate finance houses on other factors that enhance asset value and within their professional equity strategy advice frameworks that drive the process.

We provide access to a network of boutique corporate finance professionals. And a journey that is curated and advice-lead.



We recognise that as a CEO or business owner, your business is your ‘baby’ and you will have invested heavily in it.  Most people in this position know of one way only to build value – this is by increasing profit.  To do this you have to work hard to increase sales, improve margins and introduce new lines. Bullion helps you to maximise the multiple of your business by increasing strategic assets, decreasing risk, AND improving profits.

Growing strategic asset value


At Bullion House, our particular area of speciality is on growing strategic asset value. Beyond this, we work with leading local and International (primarily UK / Australian) partners on other key factors that enhance asset value. These include a network of boutique corporate finance professionals, channel, market, distribution and legal specialists.


We provide a journey that is fully networked, curated and advice-lead.



Bullion House is owned by partners Richard Vowles and Ian Davidson.


We focus on increasing Asset Value through brand architecture, channel extension, product extension and product innovation. These (amongst others) are key determinates of the multiplier that increases the attractiveness and value of a business.

Ian and Richard are also co-owners of Eden River, a consulting practice that helps businesses use environmental strategy to innovate, create value and build competitive advantage. Eden River is the originator of WaterSmart – a resource platform aimed at helping Cape Town and the region survive the water crisis and thrive in a new water smart future.

Richard Vowles' Bio

Richard is a Cape Town-based, South African company and product marketing strategist with 30 years of positioning, brand and business architecture, branding, identity, advertising and narrative experience. Richard worked for Unilever before building, merging and selling the award-winning Engine Room advertising agency. He went on to establish Knightshift, a marketing and communications consultancy through which he works with a number of local companies and international clients based in the UK, France, Israel, USA and Russia.


He has authored four books (three in the business space, one novel). Richard and Ian Davidson have worked together for over ten years: in The Engine Room and in a collective of old friends called ABNF on projects of mutual interest. Richard is happily married to Jacqui. They have four kids a Land Rover and a large continent.


At Bullion House Richard brings his keen strategic marketing qualities together with Ian’s in-depth research and scenario mapping abilities. Richard will tell you that Ian is vital to his functioning and that he taps into Ian’s head for all things operational, relying heavily on Ian’s homework, his scenario and partnership and beneficiary mapping, and his keen meta-narrative insights.

Richard’s view on multiplying Asset Value

“Working with leading local and International corporate finance houses gives us a best-of-breed partnership which enables us to bring a deeper impact to (and crucially, real control over) the parts most marketing agencies don’t get to perform for their clients.  It is fantastic to represent a brilliant and extremely valuable approach that spans the territory of brand and marketing equity, linked to a host of other essential value builders. We work together with clients to position the business so as to maximise value at a later date, whether in the short or medium terms. We bring access to specialists in business sales, mergers & acquisitions and fundraising activities for medium to large enterprises. Leaving no value on the table at point of sale.


Richard Vowles

Richard's Brand Experience


  • Alert Engine Parts
  • Key Delta



  • Vodacom


Cultured Diamonds

  • Heart in Diamond (Russia)



  • AFDA (School of Motion Picture and Live Medium)
  • Rocket School



  • Energade
  • Purity
  • Bar One, Lunch Bar, Chocolate Log, Aero, Kit Kat, Peppermint Crisp, Crunchie, Slabs
  • Johnson & Johnson -Clean & Clear, PH 5.5, Shower to Shower, Sanpro, Johnson’s Baby
  • Sasko Sam
  • Liquifruit
  • County Fair
  • So|Go Sauces and Condiments
  • Unilever (Liptons and Elida Ponds and Robertsons’ –various brands)



  • Falke (S.A, Germany & Balega –USA)
  • Jordan Footwear (Corporate, Bronx, Superga, Anton Fabi & POD brands)


Financial Services

  • Metropolitan Employee Benefits
  • Momentum / MMI Group
  • Old Mutual (South Africa, Nigeria, Malawi) across Corporate, Finance, Investments, Employee Benefits, Internal, OMIGSA, OMUT and Consulting.
  • Old Mutual Independent Broker Group: Bridge / Celestis / Masthead / Navigator / Tradewinds
  • Mutual and Federal
  • Kuda Equine Insurance


Food and Catering

  • Innovate (UK)



  • Outback Company (San Diego USA)



  • Laser Chemicals
  • Alpha Cement
  • Citrine Reticulation
  • Cray Valley products



  • V&A Waterfront
  • Melrose Arch
  • Bierfest
  • The Wine Show



  • SAB Newlands Brewery Heritage Brand
  • Distell (Bains Cape Mountain Whisky, Bells, Bols, Oude Meester, Van Rijn, Zonnebloem, Nederburg, Plaisir de Merle, Hill & Dale, Grundberger, Richelieu, Hunter’s Gold, Flat Roof Manor)
  • Douglas Green
  • Bellingham Wines



  • 6th World Congress of Pediatric Cardiovascular Surgery 2013
  • A-Z of Medicines
  • DNAlysis
  • Lila



  • Theyouthhub.mobi
  • Thewordspace.net
  • Ripple (application for youth hub)
  • SSN
  • #IAM protest



  • Mobil
  • Engen
  • Engen Diesel Club
  • Total (Corporate, Agri, OEM, Aviation, Mining, Fleet, Lubricants)



  • Durr Properties
  • Nedbank Home Loans
  • Amdec Portfolio (includes local and international properties)
  • Evergreen Retirement Lifestyle Brand (naming, identifying and building the country’s premium retirement brand which now has 6 villages)
  • Westbrook (Port Elizabeth)- includes naming and identifying a suburb and 19 land parcels
  • Moby
  • Melrose Arch (Mixed use)



  • BP Express
  • Melrose Arch
  • Westlake Lifestyle Centre
  • V&A Waterfront
  • Clicks
  • Hyde Park Corner


Supply Chain

  • JustEnough



  • Boffin & Fundi
Ian Davidson BW

Ian Davidson's Bio

Ian holds a degree in economics and a depth of commercial experience across the marketing and communications industry. Ian worked for Price Waterhouse before a stint in financial PR, on his way into the advertising and communications industries. First with O&M, where he became a student of the corporate agency method, before he established the below-the-line division locally for Lintas Worldwide. He left to found, build and finally sell his own agency, Aristos, which enjoyed an association with CLK, (now Corporate Edge) one of the UK’s leading Brand Development Consultancies. Ian joined up and worked with Richard Vowles in packaging Richard’s Engine Room before his exit.


Ian has since worked and consulted primarily in the digital space, initially as CEO of award-winning digital agency Generator Communications and more recently, Ian Davidson Communications. Ian also works with ABNF (allbrandnoflakes.co.za) a nearly famous group of old friends, on projects of mutual interest. Richard and Ian Davidson have worked together for longer than both will admit to and continue to collaborate in creating value through Bullion House.


Ian believes that a diamond is merely a lump of coal that did well under pressure. In Bullion House Ian brings his sense of humour and ridiculously keen meta-narrative understandings, his in-depth digital knowledge and scenario mapping abilities to Richard’s strategic marketing qualities on projects that really matter.

Ian’s view on multiplying Asset Value

“Marketing is one cog in a machine that moves in unison with others, and any scholar of optimally functioning business structures will see the need for the product market fit: -that place of precision, where the business and/or product viability, feasibility and desirability are optimally aligned: therein the sweet spot. While what we do is patently vital, so too is what we do not do, cannot do. That’s where our partnerships with leading local and International corporate finance houses ensure a guided journey to reach maximum asset value, by focusing intensely on all the key drivers that maximise the multiple of your business. Not simply those that we are able to meet.”                                             


Ian Davidson     

Ian Davidson's Brand Experience


  • MLH Architects
  • EWE Architects



  • Alfa Romeo
  • Fiat



  • Rocket School
  • Kaos Pilots (Denmark)
  • Rhodes University
  • Rhodes University Trust (UK)
  • AccessScience (UK)
  • Global Innovation Network (UK)
  • Institute of Knowledge Transfer (UK)
  • Auril (UK)



  • Haras de Saint Pair Stud Farm (France)



  • Bokomo Breakfast Cereals
  • White Star Maize Meal
  • Duens Bread
  • Dentyne
  • Federal Marine
  • Marine Products
  • Glenryck Canned Pichards
  • Lucky Star Canned Pilchards
  • Saldahna Canned Pilchards
  • Everfresh Long Life Milk



  • YDE
  • Bomshell
  • Nederburg SA Fashion Week
  • Mont Blanc


Film & Media

  • Media 24
  • Fine Music Radio
  • Cape Town Film Studios
  • Creamer Media
  • Reelives (UK)
  • Michel Comte Photography Archive
  • African Oral History Archive


Financial Services

  • Investec (UK and SA)
  • Interactive Investor (UK)
  • Old Mutual
  • Old Mutual Independent Broker Group: Bridge / Celestis / Masthead / Navigator / Tradewinds
  • Warwick Private Wealth
  • Assay Advisory, Assay Capital Strategies and Assay Corporate Finance
  • La Fayette (UK)


Food and Catering

  • Innovate (UK)
  • Conrad Gallagher (Celebrity Chef)
  • Col’ Cacchios



  • Orgafile



  • Technology Strategy Board (UK)
  • Trade & Investment KwaZulu-Natal (TIKZN)



  • Cape Town International Convention Centre (CTICC)
  • Lodge Lake Lure (US)
  • Constantia Uitsig
  • V&A Waterfront
  • Vrede en Lust Wine Estate
  • Tops Wine Show
  • Tops Bierfest



  • Laser Chemicals
  • Quick Tint


IT & Software Applications

  • Affinity Logic
  • JustEnough (US and SA)
  • Macrolan
  • UCS Solutions
  • Tap



  • Werksmans


Sport & Leisure

  • World Sport
  • J&B Met
  • Chilli Fiesta
  • Hobie 16’s World Championships
  • World Golf Amateur Championships



  • Windhoek Lager
  • Das Pilsener
  • Telana Hill Wines
  • Overgaauw Wines
  • Richelieu Brandy
  • White Horse Scotch Whisky
  • Black and White Scotch Whisky
  • SA Wine Foundation
  • SA Brandy Foundation



  • Lila



  • Greater Good South Africa (GGSA)
  • South African Social Investment Exchange (SASIX)
  • SouthSouthNorth (SSN)
  • South African Institute for Entrepreneurship (SAIE)
  • Activate!
  • #IAM protest
  • KIDS Foundation
  • One World Sustainable Investments
  • Regional Climate Change Programme (RCCP)
  • Shine Literacy




  • Vital Health Foods
  • Pfizer



  • Durr Properties
  • Greeff
  • Spearhead
  • Knowledge Park
  • Harries Projects
  • Old Mutual Properties
  • Rabie
  • Moby



  • Juta



  • Shoprite
  • Sanlam Centre



Travel & Tourism

  • Wilderness Safaris
  • Constantia Valley Association
  • Franschhoek Wine Valley Tourist Association
  • Beach & Bush
  • Tanda Tula
  • Western Cape Tourism



  • Boffin & Fundi



In association with leading professionals in South Africa, Australia and the UK, Bullion House will put your dreams and expectations at the heart of our client-centric processes. We focus on building a partnership that will exceed your expectations and goals, whilst realising your legacy.

We will work with you and our partners to develop a growth strategy, find the right money locally or internationally, expand your footprint or to sell your business. We will work directly with you (through Bullion House) on increasing brand equity strategically.



Bullion House work in partnerships to maximise equity value for middle market business owners.


Our focus is on delivering a client service based on our understanding of how it feels to run your own business. The service incorporates the expert advice, experience and methodology of Bullion House, and our Advisory and Corporate Finance partners.

Bullion House provides an above-the-line service that begins with a business / brand equity assessment and leads you through a three-stage journey to create optimal brand / market fit, and improve brand equity going forward.


Local and International channel and new market partners provide channel, market, distribution and legal support, along with access to a full suite of services that include introductions, negotiations, agreements, legal services and advice.


Local and International advisory partners apply a proven valuation methodology to evaluate market opportunities, while identifying and mitigating risks. From analysis of your business through to strategy development and implementation, our partners work with us and you to maximise your assets.


Local and International Corporate Finance colleagues complement the advisory services with fundraising and sale transactions expertise.



Together, our approach to maximising the multiple of each client’s is documented in a clear strategy. This strategy outlines the return on investment a client can expect and this informs the decision to go ahead (or not). We continuously review and reassess each client’s objectives before each phase is undertaken.


By aligning your business strategy to a competitive valuation formula we create a roadmap with you in a one-day strategy session at which a detailed examination of your company begins. We look to determine your position against your industry competitors and arrive at a resulting current valuation.  


From there we create a future valuation based on the impacts of executing a plan to increase the value of the multiple. “We support aspects of implementation ourselves and by leveraging our partner’s resources, capacity and capabilities.



We know just how anyone can feel out of his depth when entering the world of corporate finance or mergers and acquisitions. We know that unless you are a marketing strategist it is hard to work out what they are on about.


Bullion House and our partners have hands-on experience of owning and running our own businesses, combined with a revolutionary approach to the process of maximising equity value for middle market business owners. This blended marketing, distribution, advisory and corporate finance process puts the ambitions of owners at the heart. We are able to put ourselves in your shoes because we have been there ourselves.

Bullion House has designed our business so the roles of our international partners align fully at each step in the process with those of our business owner clients. We play a focused role in ensuring that the business and brand equity value growth aligns with the overall strategy in ensuring:


  • a business’s readiness to grow and to obtain the capital required to do so, and
  • its preparedness for a merger, MBO or exit



Bullion and our partners begin by understanding the legacy you want to achieve and then jointly develop a roadmap that enables you to achieve it. In this way, we help to ensure that you get the best possible outcomes.




Bullion House’s core area of speciality is growing strategic brand asset value. Bullion brings focus to increasing Asset Value through Brand architecture, Brand equity, Channel extension, Product extension and Product innovation. Our service begins with a business / brand equity / image assessment and leads you through a 3-stage journey to create optimal brand / market fit. Our engagement methodology allows for the co-creation of the equity growth strategy -a process during which Bullion teaches brand strategies in a way that the client can understand and commit to. In this way, legacy value is felt both in the company’s brand and people.




We are also active in new channel development, helping local producers and tech start-ups find distribution internationally, and local beverage businesses (Liquor Sector) go to market in Australia  and the UK.



Where strategic acquisitions are concerned, our transaction partners will guide you through planning, sourcing and finalising the transaction. We have specialists on hand to help you integrate acquisitions culturally into your business.




 The particular funding needs of mid-market companies are unique. Our funding partners will work with you to get the investment to accelerate your growth and realise your equity potential. As specialists, our partners will advise on:


  • financing and fundraising
  • acquisition funding
  • corporate and financial strategy




Owners often find themselves without a clear exit strategy as they approach this milestone. We work alongside our partners to achieve a better outcome and deliver your legacy.



If you are a South African business owner and looking to take your business to the next level and would like to know more about our how we could help you then please complete our Enquiry Form alongside and we will get back to you shortly.


We look forward to hearing from you.