Alpha Group International (AIM: ALPH), previously known as Alpha FX Group, announced on Thursday the formal launch of a new sales office in Bristol. The new office was initially established in January 2022 to focus the company's offerings on smaller corporates and has already generated revenues of over £2 million.

Alpha Group Opens Bristol Office

The Bristol office is the eighth physical location from where the rebranded Alpha Group is running its operations. Apart from its London headquarters, the group has offices in Amsterdam, Milan, Toronto, Luxembourg, Sydney, and Valetta.

The official press release elaborated that Bristol's sales team is leveraging the existing operations and infrastructure of the group's FX risk management division.

Alpha's Bristol Presence Is Strategic

Additionally, the company acknowledged that business from Bristol would be smaller in revenue. However, companies in this market segment are underserved by traditional providers, and Alpha is approaching to fill that gap.

"Although clients will be smaller, our focus will remain on servicing high-quality companies, thereby providing a valuable opportunity to partner with high-growth companies and secure a significant share of wallet at an early stage," the company stated.

However, it needs to ensure a low cost-to-service, and its focus will be on building a high-quality team.

"The opportunity to apply Alpha's principles of currency risk management and powerful capabilities to UK SMEs is an attractive one," said Morgan Tillbrook, the CEO of Alpha. "Whether you're a £5m company or a £500m company, the impact of currency volatility is felt in the same way, but unfortunately, smaller businesses often remain the most overlooked when it comes to strategic support."

Alpha primarily offered FX risk management instruments to businesses. However, it expanded its offering beyond FX over the years and recently rebranded to place its services better.

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The demand for the company's services is soaring, as seen from the publicly filed financials. In the first six months of 2022, the company's revenue jumped 35 percent to £46 million, whereas its pre-tax profits climbed 16 percent to £17.8 million. Its FX risk management client number increased 11 percent to 975, whereas alternative banking accounts jumped from 1,746 at the end of December 2021 to 3,061 at the end of June 2022.