A rapidly-growing Hull contractor is hoping to double its turnover and create 10 new jobs after it secured a £100,000 loan from a Northern Powerhouse fund.
GW Power Safe, led by entrepreneur Dan Haley, provides mechanical and electrical installation services to contractors and businesses.
The company has enjoyed a successful period since it received an initial £100,000 loan in June 2018, and has since increased its staff from 16 to 27 and grown turnover to £1.6m.
Now, to fuel further growth, GW Power Safe has secured further financial support from part of the Northern Powerhouse Investment Fund.
The latest funding will allow the company to employ more staff and take on new work.
Dan Haley, MD at GW Power Safe, 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.”
Dan set up the business in 2014.
Most Read
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.
Paul Arthur, investment manager at 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.”
Having recently won two major contracts – for work on a new-build school in Rotherham and the refurbishment of Hull’s Ennerdale Leisure Centre – GW Power Safe is now on track to more than double that figure to around £4m in the current year.
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.
Don’t miss
“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.
How to contact Phil Winter and Business Live
Business Live's Hull & East Yorkshire journalist is Phil Winter, also the business editor at the Hull Daily Mail and Hull Live.
You can follow Phil on Twitter @PhilWinterBiz, or on Linkedin by clicking .
Alternatively, email him on philip.winter@reachplc.com, or call 01482 315360.
Keep up to date with the latest business news in the Hull & Humber region here.
Follow @HumberBizEd and @businesslive on Twitter