Knaresborough Investments Ltd – the private equity vehicle owned by Steve Parkin – has made a further significant investment in a rapidly-growing Yorkshire-based business.
Mr Parkin is the executive chairman of Clipper Logistics plc, which he founded in 1992 and which now has a revenue approaching £400m.
Trust Electric Heating, formerly known as Northern Heating, has received an investment of an undisclosed sum for a 25 per cent stake in the business; the investment will facilitate significant expansion for Trust in this fast-growing sector, as the UK moves toward more sustainable energy sources.
Trust Electric Heating, which unveiled its new brand identity this month, is a leading provider of innovative electric heating solutions for homes and businesses.
The company’s exclusive electric radiators are made with a compressed soapstone core, a natural product that not only provides rapid warmth and but also has remarkable heat retention.
Soapstone originates from volcanic material, and compared with other materials has a better thermal conductivity due to its dense structure and mineral composition. This characteristic enables balanced and rapid warming throughout the soapstone structure. Its density also means that soapstone is excellent at retaining heat for long periods of time.
Parkin’s 25 per cent stake makes him an equal shareholder with Trust Electric Heating’s three existing directors: husband and wife team Scott and Fiona Conor, and Adam Gould.
Steve Parkin said: “When the management team at Trust Electric Heating approached me with the intention of securing investment, I recognised immediately that here was a strong management team with a great product in a dynamic, expanding industry sector”.
Fiona Conor, managing director of Trust Electric Heating, said: “The team has ambitions to transform the landscape of the heating industry with its products, which offer an alternative to central heating systems and night storage heaters and importantly, support a move towards more sustainable heating solutions.
Scott Conor said: “This investment will enable us to expand considerably, as one of our key actions is to build awareness of our product as it is largely unknown in the UK. It is nothing like traditional heating.”
Both Scott and Adam boast a wealth of experience in the electric heating market. Three years ago they decided, with Fiona, to form their own company. The investment from Knaresborough Investments will support them in their UK-wide expansion strategy.
“This is just the beginning,” said Adam Gould. “We have some innovative product development plans that are currently in the pipeline, which we know, with the help, advice and guidance of Knaresborough Investments, will revolutionise the market.”