An entrepreneur who has created a £120 million bullion business after launching it with just £10,000 has been named the West Midlands' director of the year.

Rob Halliday-Stein founded BullionByPost in 2008 after he spotted a gap in the market for supplying gold and silver bars and coins directly to the public.

The 37 year old was named overall director of the year and also young director of the year by the West Midlands branch of the Institute of Directors (IoD) at its annual awards today.

BullionByPost delivers gold and silver to customers by registered post, with parcels insured up to £50,000 by Lloyds of London.

Mr  Halliday-Stein ran the business single handedly from his home for several months before taking on his first employee in 2009, a team which has now grown to 18 at its base in Centre City Tower.

IoD regional chairman Jason Wouhra praised Rob's entrepreneurial vision which he called a lesson to everyone who had a business idea and wanted to take it to market.

"Rob saw a gap in the market and went for it. The UK economy's future growth depends on exciting new businesses such as Rob's entering the fray, employing local people and putting down plans for future growth," Mr Wouhra said.

"He has done phenomenally well, entering a complex market with a clear strategy and a determination to succeed. He is a worthy winner of this prestigious award."

Other winners at the awards were Kevin Watson, managing director of the NEC Group's corporate catering arm Amadeus, who was named director of the year award at a large company.

Dale Parmenter, owner of Worcestershire-based communications business DRP Group,  took the same award for SMEs.

The leading director in a family business was Helen Weston, of Herefordshire-based cider producer Weston & Sons, and Tim Jones, head of employment law at Higgs & Sons in Brierley Hill, won the corporate social responsibility category.

Ann Rivera won the not-for-profit award for her work at The Trident Social Investment Group and Paul Thandi, chief executive of the NEC Group, was handed the chairman's award his leadership of a business which generates an estimated £2 billion for the West Midlands' economy.

The awards were held at Warwickshire County Cricket Club in Edgbaston.

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