A Solihull-based energy consultancy has doubled in size after securing a £65,000 investment from the Midlands Engine Investment Fund (MEIF).
UtilityWorks, a partner for businesses looking to reduce their energy costs and become more environmentally friendly, secured the MEIF investment through BCRS Business Loans.
The funding boost has allowed the company to move into new larger office space and employ additional members of staff, building the team up to support growth.
UtilityWorks Founder and Sales Director, Craig Gillespie, said:
“Securing funding has helped us take a big step towards achieving our ambitious growth plans and we expect to double the size of our workforce again this year.
“As energy prices are extremely volatile, we help businesses by conducting an innovative energy health check, which ensures risk managed purchasing and environmental sustainability to see where improvements can be made for each business. We can then suggest better tariffs and ways of reducing energy consumption and carbon emissions.
“I set UtilityWorks up two years ago after becoming frustrated with an industry that was fixated on profit at the expense of customer service. We have changed all of that and have set up a model that works for all of the businesses we support.”
Louise Armstrong, Senior Business Development Manager at BCRS Business Loans, who supported Craig and the team throughout their loan application process, said:
“We are delighted to have supported the growth of UtilityWorks, which has not only doubled in terms of office size but has also provided four new jobs for local people. Social and economic impact is something we are passionate about at BCRS Business Loans.
“After meeting directors Lee, Craig and Tom, it was clear to see that there was a vast amount of industry and management experience, plus an impressive business plan.
“We believe that no viable business should go unsupported and offer a relationship-based approach to lending.”
Ryan Cartwright, Senior Manager at the British Business Bank, said:
“The MEIF was set up to help transform the business finance landscape across the Midlands. It is great to see MEIF finance is supporting expansion plans and job creation and we would encourage any smaller businesses in the region to explore the options available through the MEIF.”
Pat Hanlon, Director for Access to Finance at GBSLEP, said:
“This is a fantastic example of one of the initiatives which are available to businesses in the region looking to expand.
“As well as helping to double the size of its office space, this move will support newly created jobs for local people at the Utility Works Group and we’re looking forward to seeing the business continue to thrive.”
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.