A fast-growing Hull contractor is set to double its turnover and create ten new jobs after securing a £100,000 loan from NPIF – Mercia Debt Finance, which is managed by Mercia and part of the Northern Powerhouse Investment Fund.
It is the second round of NPIF funding for GW Power-Safe, which is led by 31-year-old entrepreneur Dan Haley and which provides mechanical and electrical installation services to contractors and business customers.
Since the initial £100,000 loan in June 2018, the company has increased staff from 16 to 27 and boosted turnover from £1.2m to £1.6m. Having recently won two major contracts – for work on a new-build school in Rotherham and the refurbishment of Hull’s Ennerdale Leisure Centre – it is now on track to more than double that figure to around £4m in the current year.
Dan set up the business in 2014. After losing his job when the company he worked for closed down, he rented his old office and employed three of the staff. GW Power-Safe now caters for all aspects of a building’s electrical, plumbing and HVAC (heating, ventilation, and air conditioning) needs and at all stages of a project, from initial concept and design to installation and commissioning. The funding will provide additional working capital to fulfil the contracts and further expand its team.
Dan Haley, managing director of the business, said: “I am delighted that we have secured the additional loan and really appreciate the support that Mercia and NPIF have given us. We have an exceptionally talented team here at GW Power-Safe. This cash injection gives us the confidence to keep moving forward with our growth plans.”
Paul Arthur, investment manager with Mercia, said: “The initial funding has resulted in a very positive outcome, allowing GW Power-Safe to strengthen its core team and secure larger and more prestigious contracts. It is great to be able to support the company once again as it continues to grow and create more local jobs.”
Mark Wilcockson, senior manager at British Business Bank, said: “We are pleased that the Northern Powerhouse Investment Fund has continued to support high-growth businesses in the North, providing vital funding to enable job creation and expansion into new markets. This investment demonstrates how this funding can make a real and measurable difference to businesses across the Northern Powerhouse region, which helps create a more prosperous regional economy.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.