Young entrepreneur’s Hull-based contractor business to create 10 jobs
A contractor based in Hull is creating jobs with the help of six-figure funding.
GW Power-Safe, which provides mechanical and electrical installation services, will take on 10 new staff after receiving a £100k boost from NPIF - Mercia Debt Finance.
The company was founded in 2014 by chief exec Dan Haley, then aged 25, when he was made redundant from his job as electrical contracts manager.
He started out renting the office he previously worked from and operated with a team of three, eventually building the business to a 16-strong workforce. GW Power-Safe’s turnover has almost doubled since and is forecast to grow by a further 25%, year-on-year, in the 12 months to June 2019.
GW Power-Safe will use the funding as additional working capital. The cash will also enable the firm to diversify its services and take on larger projects.
Founder Dan said: “I am delighted we have secured £100k funding from the Northern Powerhouse Investment Fund.
“We are very ambitious here at GW Power and have a long-term plan to support our growth whilst maintaining a healthy profit.”
He continued: “The cash injection will have a positive impact by giving us the confidence to scale the business and start competing for the larger projects by employing high quality engineers and purchasing key equipment.”
NPIF - Mercia Debt Finance is part of the Northern Powerhouse Investment Fund and managed by by Mercia Fund Managers.
Paul Arthur, Mercia investment manager, commented: “GW Power-Safe offers clients a professional and flexible approach and the company has seen sustained growth since Dan established the business in 2014.
“This investment will enable it to tender for higher value contracts and create new jobs in Hull.”
British Business Bank director Grant Peggie said of the deal: “Dan has done incredibly well to start and grow the company to a team of 16 in only four years.
“GW Power-Safe has gained an excellent reputation in the Humber region, and with NPIF’s backing, it is now well placed to take on more staff and work on larger projects. We look forward to seeing GW Power-Safe’s continued growth.”