Six-figure funding package secured by heating firm
Sutton Coldfield-based Butco Heating Limited (BHL) has secured a £300,000 funding package from MEIF Maven Debt Finance, part of the Midlands Engine Investment Fund.
The heating, electrical and security services firm is set to use the funding to expand its offering on services such as installation, servicing and repairs of home boilers, smoke alarms and home security systems.
It will also increase the company’s capacity to train its engineers and support staff on new producing and services, alongside generating new sakes and marketing tools.
Trading in the West Midlands for more than 60 years, BHL says it is committed to grow across the West Midlands and aims to support the drive to net-zero and sustainability with new zero-emission products.
James Tough, director at BHL said: “The funds have enabled Butco to explore new opportunities with a focus on new technologies and the switch to electric heating.
“Butco is looking to promote these new products to its existing and new customers. With rising energy costs and the shift in technology in recent years, Butco will be at the forefront of eco-innovation.”
Mark Wilcockson, senior investment manager at the British Business Bank said: “It is promising to see the MEIF supporting the region’s green and sustainable businesses in the drive to net-zero.
“The MEIF is committed to supporting new initiatives and technologies for sustainability, and we encourage other business with eco-friendly products, services and green initiatives in the Midlands to consider funding for its future growth plans.”
MEIF, is managed by Maven Capital Partners Maven and backed by the Recovery Loan Scheme.
