£100,000 loan secured for firm searching for growth
A Hull business which provides mechanical and electrical installation services is looking to boost growth after securing a £100,000 loan.
GW Power-Safe has secured the funding from NPIF- Merica Debt Finance, which is managed by Mercia Fund Managers and part of the Northern Powerhouse Investment Fund.
The funding will allow the firm to take on larger contracts and create 10 new jobs in the coming year. The company was established in 2014 by Dan Haley, then aged 25, after being made redundant from his job as electrical contracts manager. He rented the office he had previously worked from and started out with a team of three. The business has almost doubled its turnover each year and now employs 16 people.
GW Power-Safe provides turnkey services to both main contractors and business customers. Clients include major local contractors and local authorities, while projects have included the recent renovations at Hull University, Scunthorpe Library and Hedon Library.
GW Power-Safe is forecast to increase sales by up to 25% in the 12 months to June 2019. The funding will provide additional working capital and allow it to diversify its services and work on larger projects.
Haley, CEO, said: “I am delighted we have secured £100,000 funding from the Northern Powerhouse Investment Fund. We are very ambitious here at GW Power and have a long-term plan to support our growth whilst maintaining a healthy profit. The cash injection will have a positive impact by giving us the confidence to scale the business and start competing for the larger projects by employing high quality engineers and purchasing key equipment.”
Paul Arthur, Investment Manager with Mercia, added: “GW Power-Safe offers clients a professional and flexible approach and the company has seen sustained growth since Dan established the business in 2014. This investment will enable it to tender for higher value contracts and create new jobs in Hull.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
