A Hull-based contractor who provides mechanical and electrical installation services is looking to boost their growth after securing a £100,000 loan from NPIF – Mercia Debt Finance, which is managed by Mercia Fund Managers and part of the Northern Powerhouse Investment Fund.
The funding will allow the business GW Power-Safe to take on much larger contracts and create 10 new jobs in the coming year. The company was first established in 2014 by Dan Haley, then aged 25, after being made redundant from his job where he was an Electrical Contracts Manager. He then rented the office he had previously worked from and started out with a team of three. The business now has almost doubled its turnover each year and now employ 16 people.
GW Power-Safe provides turnkey services to both main contractors and business customers. It can cater for all aspects of a building’s electrical, plumbing and HVAC (heating, ventilation and air conditioning) needs and at all of the different stages of the project, from initial concept and design, to installation and commissioning. Some of the clients include major local contractors and local authorities, whilst some recent renovations include Hull University, Scunthorpe Library and Hedon Library.
GW Power-Safe is forecast to increase their sales by 25% in the next 12 months to June 2019. What the funding will provide is additional working capital and allow it to diversify its services and work on larger projects.
The CEO of the business, Dan Haley 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.”
The Investment Manager with Mercia, Paul Authur said:
“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 Director at British Business Bank, Grant Peggie:
“Dan has done incredibly well to start and grow the company to a team of 16 in only four years. GW Power-Safe has gained an excellent reputation in the Humber region, and with NPIF’s backing, it is now well placed to take on more staff and work on larger projects. We look forward to seeing GW Power-Safe’s continued growth.”