Finance Birmingham sparks electrical firm’s growth plan
AN electrical contractor with offices in Wolverhampton and Birmingham has secured £800,000 in new funding to enable it to meet demand from its rising order book.
On-Power Electrical Services has been backed by Finance Birmingham, the funding arm of Birmingham City Council and a national funding provider to the SME sector.
The finance will be used to fund On-Power’s rising order book, as the firm’s client base continues to expand. By supporting the company’s ambitious growth plans, the funding will also help to create 12 new jobs during the next three years.
Founded in 2012, On-Power operates across the UK. It works for clients in the domestic, commercial, retail, leisure and industrial sectors. Its customers include Royal Mail, Sainsbury’s, Asda, South West Trains, HSBC and National Grid.
It recently won contracts for a number of major construction projects due to complete in 2015. They include the University of Leicester’s new £30m Medical Science Building, working alongside NG Baileys; a £4m refurbishment of the Weston Favell Shopping Centre in Northampton; and the new 19-storey Aurora Hotel in London’s Greenwich peninsula, working alongside HESIS.
Jonathan Billingham, Managing Director, On-Power, said: “Finance Birmingham’s funding package will help to transform our business, enabling us to capitalise on every opportunity to grow. It will ensure that we have the capacity to fulfil major contracts from larger firms, and meet growing demand from all of our customers.
“On-Power’s expansion will rely on growing our repeat business as well as attracting new clients. We will be investing in our customer service and taking on new staff, so that our work continues to be delivered to a high standard and within deadline.”
The funding was secured from the £9m local Regional Growth Fund programme and the £56m Mezzanine Fund, which is managed by Finance Birmingham.
Ian Fairclough, investment director at Finance Birmingham, said: “On-Power is an exciting and fast growing business, with a strong and ambitious management team. The working capital provided by Finance Birmingham will help the company to realise its full potential, as demand for its services continues to rise.”
