£800,000 to help fulfil large contracts across the UK.
ON-POWER Electrical Services – which has offices in Wolverhampton and Birmingham – has secured £800,000 of working capital from Finance Birmingham, a national provider of funding to SMEs.
The finance will be used to fund ON-POWER’s rising order book, as the firm’s client base continues to expand. By supporting the company’s ambitious growth plans, the funding will also help to create 12 new jobs during the next three years.
Founded in 2012, ON-POWER operates across the UK. It works for clients in the domestic, commercial, retail, leisure and industrial sectors.
ON-POWER recently won contracts for a number of major construction projects that are due to complete in 2015. They include the University of Leicester’s new £30 million Medical Science Building working alongside NG Baileys; a £4 million refurbishment of the Weston Favell Shopping Centre in Northampton; and the new 19-storey Aurora Hotel in London’s Greenwich peninsula working alongside HESIS, which is part of a £121 million regeneration scheme for the area.
Jonathan Billingham, Managing Director from ON-POWER, said: “Finance Birmingham’s funding package will help to transform our business, enabling us to capitalise on every opportunity to grow and develop ON-POWER. It will ensure that we have the capacity to fulfil major contracts from larger firms, and meet growing demand from all of our customers.
“ON-POWER’s expansion will rely on growing our repeat business as well as attracting new clients. We will be investing in our customer service and taking on new staff, so that our work continues to be delivered to a high standard and within deadline.”
ON-POWER secured investment from the £9 million local Regional Growth Fund programme and £56 million Mezzanine Fund managed by Finance Birmingham.
Ian Fairclough, investment director at Finance Birmingham, commented: “ON-POWER is an exciting and fast growing business, with a strong and ambitious management team. The working capital provided by Finance Birmingham will help the company to realise its full potential, as demand for its services continues to rise.”
ON-POWER’s clients include national names such as Royal Mail, Sainsbury’s, Asda, South West Trains, HSBC and National Grid.