Clipper Logistics boss Steve Parkin acquires 25% in Leeds business to heat up expansion plans

Knaresborough Investments Ltd, the private equity vehicle owned by Steve Parkin, is set to help a Leeds-based heating business “expand considerably” following a new investment.

Steve Parkin is the executive chairman of Clipper Logistics plc, which he founded in 1992 and now has a revenue approaching £400m.

Trust Electric Heating, formerly known as Northern Heating, has received an investment of an undisclosed sum for a 25% stake in the business

Trust Electric Heating, which unveiled its new brand identity this month, provides electric heating solutions for homes and businesses.

The company’s exclusive electric radiators are made with a compressed soapstone core, a natural product that provides rapid warmth and has “remarkable” heat retention. Soapstone originates from volcanic material, and compared with other materials has a better thermal conductivity due to its dense structure and mineral composition.

Parkin’s 25% stake makes him an equal shareholder with Trust Electric Heating’s three existing directors: husband and wife team Scott and Fiona Conor, and Adam Gould.

Steve Parkin said: “When the management team at Trust Electric Heating approached me with the intention of securing investment, I recognised immediately that here was a strong management team with a great product in a dynamic, expanding industry sector”.

Fiona Conor, managing director of Trust Electric Heating, commented: “The team has ambitions to transform the landscape of the heating industry with its products, which offer an alternative to central heating systems and night storage heaters and importantly, support a move towards more sustainable heating solutions.

Scott Conor added: “This investment will enable us to expand considerably, as one of our key actions is to build awareness of our product as it is largely unknown in the UK. It is nothing like traditional heating.”

The investment from Knaresborough Investments will support the trio’s UK-wide expansion strategy.

Adam concluded: “This is just the beginning. We have some innovative product development plans that are currently in the pipeline, which we know, with the help, advice and guidance of Knaresborough Investments, will revolutionise the market.”

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