Local engineering firm receives cash injection
AN electrical engineering firm has received a financial boost that could help them break the million pound turnover mark.
Resilient Power Solutions have received a £100,000 investment from regional fund management firm NEL Fund Managers via the Finance for Business North East Growth Fund which will help it further expand the business, in a deal advised by Graham Cornforth of Haines Watts Corporate Finance.
The business specialises in installing and commissioning critical power systems for sensitive sites such as data centres and Government buildings.
Resilient Power Solutions is now looking to increase its turnover figure by at least 50 percent in the next year by selling their ‘one stop shop’ services into a wider variety of larger clients where data security and continuity are critical.
John McGee, one of the managers from the firm said: “The critical power industry has taken a massive jump forwards over the past few years and the experience of out ream in this area has enabled us to quickly build up a string presence in this market right across the UK.
“NEL’s support has given us the financial flexibility we need to adapt to opportunities as they arise, and the investment team has already helped us identify areas in which the capital they’ve provided can be put to best use.”
The growth fund is aimed at businesses that demonstrate growth potential, and is part of the wider Finance for Business North East Fund.
This was posted in Bdaily's Members' News section by Ruth Mitchell .