Contractor goes for growth with £1.6m funding
An air conditioning and refrigerator contractor has bought three new premises after growing turnover 30% year on year.
Airflow Cooling, known as Cheshire Refrigeration in the North West, has purchased three sites in Sheffield and Manchester, with the support of a £1.6m funding package from NatWest, Lombard Asset Finance and Royal Bank of Scotland Invoice Finance.
The firm has used the funding to acquire The Durham Ox, a former pub on Cricket Inn Road in Sheffield, which is ready to be transformed into 4,000 sq ft of office and warehouse space.
The company has also purchased two adjacent units in Stockport and plans to eventually relocate from its existing rented premises on Broadstone Road.
The additional 12,500 sq ft of space will allow Airflow Cooling to grow its client base, as well as continue to service all its existing clients including many UK leading brands and blue-chip companies.
It also undertakes regular work for the NHS and universities across many sites within Sheffield and Manchester and has continued to operate throughout the COVID-19 pandemic.
Airflow Cooling was founded in 2011, specialising in the installation and servicing of air conditioning, refrigeration and ventilation systems within residential and commercial properties.
The firm operates from a permanent site on Rutland Road in Sheffield and from its second site in Stockport, trading as Cheshire Refrigeration, an existing company acquired in 2016 with 30 years trading experience.
Managing director Dan Piercey runs the business with Mark Denton (MD of the Cheshire Division) alongside a team of 50 staff and the firm has continued to hire throughout lockdown.
Further recruitment is underway as Piercey looks to employ experienced engineers to support the business’s growth trajectory that now incorporates mechanical heating and plumbing services.
He said: “The business has grown rapidly since I founded it nine years ago and last year we hit £6.5m turnover, an increase from £4.9m the year before.
“In order to continue this expansion, we needed to purchase additional space that would allow us to recruit and offer our customers the expert service we pride ourselves on.
“We feel very fortunate that throughout the current pandemic we have been able to support the NHS and our other customers, as well as continuing to expand the business and actively recruit.”
William Islip, NatWest relationship director, said: “Airflow Cooling has achieved sustained growth over the past three years and the purchase of three additional sites reflects its ambitious growth objectives.
“These buildings mark a significant milestone in the firm’s expansion, and we will continue to support Dan and the team going forward.”