A North East business energy broker is set to more than double in size on the back of a £250,000 investment.
Energy comparison company Troo was first set up by Andrew and Rachel Richardson three years ago in Newcastle, aiming to disrupting the energy brokerage industry while focusing on the business sector.
Now based at Doxford International Business Park in Sunderland, where it moved to last year, the company is aiming to create dozens of new jobs after securing the six-figure investment from the North East Growth Capital Fund, supported By The European Regional Development Fund.
Troo, which has 50 employees, aims to help companies save money, time and work when renewing their business energy contracts, setting itself apart from others in the industry by working with complete financial transparency around its service costs, unit prices and the commission it receives from energy suppliers.
After working with regional fund management firm NEL Fund Managers to secure the £250,000 Growth Capital Fund investment via the Coronavirus Business Interruption Loan Scheme, Troo is now aiming to put growth plans into action which will see it create up to 70 new jobs by the end of next year.
Troo is mainly focused on the SME market, but also works with larger firms and organisations across the Ƶ, and aims to build long-term relationships with its customers which benefit both parties.
Mr Richardson said: “The business energy market is notoriously opaque when it comes to the prices that energy brokers offer and what goes into reaching them.
“We set out to differentiate ourselves from the competition by being completely transparent in this respect – we don’t hide any fees or commissions within the unit rates we offer, and we always fully disclose our service costs.
“This means that customers can always see exactly what their business energy really costs, so they can always choose the right deal for their particular needs, and it’s an approach that’s seen us quickly build a successful business that’s ready to move into its next stage of growth.
“There’s much more potential in the business for us to realise and the growth plans we’re now putting into action will deliver a real step-change in our operations.
“Our team currently occupies around half of our headquarters building and we’re working towards filling it completely by the end of next year.
“The NEL team has a good regional reputation, and their expert support made a big difference as we made our way through the investment process.”
David Thomas, investment director at NEL Fund Managers, added: “Troo has set out to offer something new within its sector and its success so far indicates how this approach has been welcomed by its growing customer base.
“The management team and business plan provided a compelling investment case and we’re looking forward to seeing its exciting growth plans being realised.”
The North East Growth Capital Fund has been designed to create around 790 jobs in more than 70 regional firms over the life of the programme and offers unsecured investments of up to £500,000 to established businesses looking to realise their growth potential.
The overarching £120m North East Fund will provide financial support for more than 600 businesses, creating around 3,500 jobs and delivering a legacy of up to £80m for further investment into the region.
