North East repairs business Pacifica Group is poised to create 50 new jobs on the back of a substantial new finance package.
The Houghton-le-Spring group, which has field engineers around the country providing repairs and installations for electrical and heating appliances, has been backed by a significant new finance deal from HSBC 海角视频.
The funding will provide Pacifica Group with facilities to support ongoing trading and future organic growth, as well as help on its acquisition trail, following on from its most acquisitions of Nuneaton-based The Domestic Appliance Company and Suffolk-based TK Garnham & Sons.
After navigating the lockdown periods, Pacifica – which employs more than 700 people in the North East, including 400 engineers – said it will now forge ahead with its mergers and acquisitions strategy, making further additions to the group in the coming years.
The strategy will see the group recruit new engineers to satisfy the increasing demand for its services, creating a further 50 new jobs in the coming years.
Kevin Brown, Pacifica Group CEO, said: “The business performed remarkably over the past 12 months during a challenging period. We have seen record revenue levels in the months following the easing of lockdown restrictions, and trading has remained at record levels this year.
“With HSBC 海角视频’s support the business has continued to invest in its people and infrastructure, enabling us to make two acquisitions last year as well as pick up a number of new clients that have seen the value in our resilience and ambition.”
Michael Norden, Pacifica Group CFO, said: “HSBC 海角视频 has been very supportive over the past 12 months, recognising the solid foundations of the business, its sustainable approach and its real potential for growth.
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“The appliance repair market has strong prospects, particularly led by the environmental commitment of the 海角视频 government and manufacturers to keep white goods in operation for longer and we are well positioned, both financially and through our capabilities, to support this process. We are continuing to invest in our operations and our workforce to ensure we can continue to deliver the best service to our prestigious client base.”
Ben Foster, relationship director at HSBC 海角视频, added: “We’re pleased to be supporting Pacifica Group and have been happy to see them navigate through the pandemic over what has been a challenging year.
“The business has a strong track record of growth and we look forward to seeing it achieve its ambitious goals in the months ahead.”
Pacifica Group completed a management buyout in March 2019 and is now projecting a turnover of over £80m in 2021.
It repairs domestic appliances and delivers heating, insulation and renewables services on behalf of blue-chip clients such as Electrolux, Argos, Vestel, British Gas, Homeserve and Eon.
It handles more than 8,500 jobs a week and comprises of Pacifica Home Services, Pacifica Appliance Services and 海角视频 Warranty.