A Hull business which provides mechanical and electrical installation services has secured a £100,000 loan from NPIF – Mercia Debt Finance to create jobs and take on bigger contracts.
GW Power-Safe works with 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 stages of a project.
Clients include contractors and local authorities, while projects have included the recent renovations at Hull University, Scunthorpe Library and Hedon Library.
The funding from NPIF – Mercia Debt Finance, which is managed by Mercia Fund Managers and part of the Northern Powerhouse Investment Fund, will enable the business to take on larger contracts and create ten jobs in the coming year.
GW Power-Safe is forecast to increase sales by up to 25 per cent in the 12 months to June 2019.
Founder and chief executive 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.”
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 added: “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.”
Matt Hoe of MPH Accountancy advised GW Power-Safe.