Energy-efficient lodge manufacturer set to create 50 jobs after loan
A growing Yorkshire company which makes energy-efficient luxury lodges and modular buildings has secured a £500,000 loan from NPIF – Mercia Debt Finance, which is managed by Mercia and part of the Northern Powerhouse Investment Fund (NPIF).
SPT Systems, which was established in 2019, now has over £127m worth of orders in the pipeline, mainly from leisure parks seeking lodges with higher levels of insulation to meet revised building standards.
The funding will enable the Driffield company to move to larger premises nearby, which will enable it to start a night shift and double its workforce from 50 to 100 in the year ahead.
SPT Systems specialises in structural insulated panels (SIPs) which can be assembled to create anything from park homes to domestic and commercial properties.
Its system prevents ‘cold bridging’ and offers superior levels of airtightness, insulation and soundproofing.
The business was founded by Craig Carmichael, a former military engineer who also runs Kepi International, a contractor which has worked on construction and infrastructure projects in locations ranging from the UK to Afghanistan, Kenya and Iraq.
After researching different types of modular building techniques, he came across the Romanian company which originally developed the system.
He acquired the business and moved it to the UK where he put the system into production.
Carmichael, who is the company’s CEO, said: “Lodges and park homes have traditionally been hard to heat and although new standards came into effect seven years ago, many manufacturers and park operators are still struggling to meet them.
“Our system not only exceeds the standards, but also performs better than even conventional ‘bricks and mortar’ buildings.
“We believe there is huge scope to extend its use to domestic and commercial buildings.
“Our modular system reduces building waste and cuts the time it takes to build a house from six to four weeks, providing the opportunity to create low-cost, more sustainable homes with lower running costs.”
Rebecca Pickering from Mercia added: “Craig is an experienced businessman who spotted a gap in the market for a more energy-efficient, modular building system.
“SPT Systems has grown very quickly as a result of strong demand. The funding will enable it to move to new premises and provide additional working capital.
“We are pleased to support a business that is helping to generate new jobs and create more sustainable buildings.”
Sean Hutchinson at British Business Bank, said: “With staycations remaining an attractive option for tourists looking to get away, Craig and his team are doing a fantastic job in matching demand by creating energy efficient modular homes.
“The North has a bounty of holiday destinations, which makes SPT’s growth even more valuable to the region.”
Darren Trice at Kaizen Consulting provided fundraising advice to the company.