A Hull-based business that supplies electrical services to the offshore renewable energy industry is set to grow by more than 30 per cent, following investment from Finance Yorkshire.
Pearson Electrical was selected as one of the first 40 approved suppliers to the multi-million pound Green Port Hull project, where Siemens will build an offshore wind turbine blade manufacturing, assembly and servicing facility.
To assist in maximising the potential of this opportunity, Finance Yorkshire has provided Pearson Electrical with a £20,000 Business Loan. This will be used to fund the installation of a burn-off oven and winding machine for electric motors.
To date Finance Yorkshire has invested £97m, enabling companies to increase their turnover by £352 million and attract a further £187 million from other private sector sources. Through this activity, Finance Yorkshire investment has helped those SMEs to create and safeguard more than 10,670 jobs in Yorkshire and the Humber.
Green Port Hull aims to establish Hull and the East Riding as a world class centre for renewable energy, creating thousands of new jobs and valuable supply chain opportunities for local businesses.
Mark Pearson, Managing Director at Pearson Electrical, said: “Siemens’ commitment to Green Port Hull is terrific news for the regional supply chain and we expect this to contribute to growth of around 30 per cent in our business.
“Our marine expertise across a wide range of services along with our high level of customer service and on-time project delivery means that we are trusted by a number of companies in the marine energy industry.”
Pearson Electrical was founded in 1995 as an electrical contractor. Over the past decade, it has specialised in marine and offshore work, particularly in hazardous locations such as oil and gas facilities.
The business currently employs 10 people but plans to recruit five additional team members in the next 12 months. The business recently acquired Hull-based rival Humber Rewind and relocated to a 6,000 sq ft factory at Pioneer Park.
Current projects include the installation of new filling lines for Crown Paints in Hull and the launch of a new wind turbine support vessel for MMS Ship Repair.
Ian Atkinson, Investment Manager at Finance Yorkshire, said: “This is an exciting time for the offshore energy industry in the Humber and Pearson Electrical is well placed to capitalise on the opportunities that are emerging.
“Mark has built an excellent reputation for his business and we’re looking forward to seeing the next phase of its growth.”
Finance Yorkshire provides seedcorn, loan and equity linked investments, ranging from £15,000 to £2m to help a range of small and medium sized businesses to meet their funding requirements for growth and development.
The project is supported financially by the European Union. It has attracted investment from the European Regional Development Fund (ERDF) as part of Europe’s support for the region’s economic development through the Yorkshire and Humber ERDF Programme, UK Government and match funding from the European Investment Bank.