A home heating company in Northumberland is hoping to create 40 new jobs after securing investment of £1m.
Maven Capital Partners has completed £600,000 of investment from the Maven VCTs and a further £400,000 from the North East Development Capital Fund to support growth plans at Cramlington firm Boiler Plan.
The funding will allow Boiler Plan to create 40 new jobs in the next 12 months and increase annual turnover to £30m.
It will also enable Boiler Plan to capitalise on growing demand from the insurance, private landlord and social housing sectors, which require an integrated platform to coordinate operations across multiple sites.
Founder and managing director Ian Henderson said: “Our innovative digital first platform continues to disrupt the industry, making the customer journey from quote to installation as smooth and efficient as possible.
“The additional funding from the North East Development Capital Fund will allow us to capitalise on our strategy and support our customers.”
Boiler Plan has started the first part of its growth plan with two senior appointments. Chris Alete has joined as finance director, and Paul Bent as sales and operations director.
The company’s online platform supports the entire boiler sales process, handling the choice of appliance, the initial home survey, finance payment options, installation by a qualified engineer, and the ongoing maintenance and aftercare service.
Michael Vassallo, investment director at Maven, said: “Having partnered with Boiler Plan since 2018, we are delighted to continue to support its expansion and the ongoing development of its market disruptive platform.
“Especially at this time, it is vital to support growth businesses not only in short-term stability but also long-term growth. This investment in is a great example of how funding from the North East Development Capital Fund can be used to help businesses in the region accelerate their growth strategy and capitalise on new market opportunities across the Ƶ.”
The North East Development Capital Fund is part of the European-funded North East Fund, which has £120m to invest in around 600 North East businesses in the period up to March 2023.
The fund is open to SMEs in Tyne and Wear, Northumberland and County Durham and aims to help companies in the region create around 2,500 new jobs.
