Cramlington boiler company to create 40 jobs following £1m investment

A North East boiler company has announced that it will be creating 40 new jobs after receiving a £1m investment.

Boiler Plan, an online platform that sells, installs and services boilers, secured the investment from North East private equity house Maven Capital Partners.

The transaction includes a £600k investment from the Maven VCTs and a further £400k investment from the North East Development Capital Fund, supported by the European Regional Development Fund and managed by Maven.

The new funding will support Boiler Plan’s growth plans, allowing the business to execute its long term strategy to create 40 new jobs in the next 12 months and increase annual turnover to £30m.

Michael Vassallo, investment director at Maven, commented: “Having partnered with Boiler Plan since 2018, we are delighted to continue to support its expansion and the ongoing development of its market disruptive platform.

“Especially at this time, it is vital to support growth businesses not only in short-term stability but also long-term growth.

“This investment is a great example of how funding from the North East Development Capital Fund can be used to help businesses in the region accelerate their growth strategy and capitalise on new market opportunities across the UK.”

Ian Henderson, managing director and founder of Boiler Plan, added: “Our innovative digital first platform continues to disrupt the industry, making the customer journey from quote to installation as smooth and efficient as possible.

“The additional funding from the North East Development Capital Fund will allow us to capitalise on our strategy and support our customers.”