Hull contractor to create 10 new jobs with £100k NPIF funding
A Hull contractor is set to double its turnover and create 10 new jobs after securing a £100k lending package from NPIF - Mercia Debt Finance.
GW Power-Safe has secured the loan from the fund, which is managed by Mercia and part of the Northern Powerhouse Investment Fund.
The firm, which was founded by entrepreneur Dan Haley in 2014, provides mechanical and electrical installation services to contractors and business customers.
Since receiving an initial £100k loan in June 2018, the company has increased its staff from 16 to 27, and boosted turnover from £1.2m to £1.6m.
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 on track to reach a turnover of £4m in the current year.
Dan Haley, managing director of GW Power-Safe, commented: “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.”
Paul Arthur, investment manager with Mercia, added: “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.”
The UK is set to leave the EU on 31 October 2019. Are you preparing for Brexit? Complete the North East Growth Hub and Tees Valley Business Compass’ 3-minute survey →