Heating projects firm grows with NPIF backing

A South Yorkshire heating products company has reported multimillion-pound growth after securing funding from NPIF – FW Capital Debt Finance, which is managed by FW Capital and is part of the Northern Powerhouse Investment Fund (NPIF).

Doncaster-based Project Heating Solutions offers a range of energy efficient products, including air source pumps and solar panels. Its team has more than 30 years’ experience in the mechanical, electrical and heating industry.

Since the company started trading in 2018, it has grown from a turnover of £1m in its first year to £6.2m in the last financial year. The business is on track to record a £8.6m turnover this year. 

Today it employs 29 people, after starting with five staff in 2018.

Managing director Russell Steelyard said: "We are committed to delivering superior products to our customers. Doing the job right is our company ethos and I am delighted with the success we have achieved. I work with a brilliant team who all share and embrace my work vision to make sure our customers are 100 per cent happy.

"The investment managed by Dave Hawkins and the team at FW Capital has also been integral to our success. When we secured the funding in March 2020, no one could have predicted how the world would change from the impact of Covid. Our business remained strong and thanks to the investment we had a solid platform to support our growth strategy.

"I am pleased that we can repay the funding in full after three years. I’d like to thank Dave Hawkins personally for his support – he’s been great and given the right guidance which has contributed massively to the business."

Dave Hawkins, portfolio executive at FW Capital, added: "I am delighted to be a part of the success enjoyed by Russell and the team at Project Heating Solutions. The funding provided through the Northern Powerhouse Investment Fund has been instrumental in driving the impressive growth of the business.

"The strength of their products and service has helped Project Heating Solutions to expand their order book and record some impressive growth figures."

FW Capital can provide loans in the NPIF region with a focus on Cheshire, Cumbria, Greater Manchester, Lancashire, Merseyside, and the Tees Valley.

The Northern Powerhouse 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 Program 2014-2020 and the European Investment Bank.

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