Hull contractor GW Power-Safe is scaling up 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 GW Power-Safe to take on larger contracts and create 10 new jobs in the coming year.
The company was established in 2014 by Dan Haley after being made redundant from his job as electrical contracts manager. He rented the office he had previously worked from and started out with a team of three.
The business, which has almost doubled its turnover each year and now employs 16 people, is forecast to increase sales by up to 25% in the 12 months to June 2019.
The funding will provide additional working capital and allow it to diversify its services and work on larger projects.
Mr Haley said: “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.”
Paul Arthur, Investment Manager with Mercia, 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.”
Grant Peggie, Director at British Business Bank, said: “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.”