A North East sustainability consultancy has powered up its growth plans by securing a six-figure investment from the North East Small Loan Fund Supported by The European Regional Development Fund.
McGrady Clarke Group provides business energy management and sustainability solutions to clients across the globe, helping them quantify and reduce carbon emissions associated with their operations, maximise value from the market and improve onsite efficiency.
The Newcastle-based firm operates across every aspect of the low carbon sector, from carbon reporting through to delivering legislative compliance around Streamlined Energy and Carbon Reporting (SECR) and the Energy Savings Opportunity Scheme (ESOS).
It also works within corporate power purchase agreements, energy purchasing and managing renewable technology integration projects for its clients, and develops, implements and manages market leading Net Zero strategies for clients across a wide range of sectors, including manufacturing, leisure, construction, retail, transport and property management.
McGrady Clarke has now worked with regional fund management firm NEL Fund Managers to secure the Small Loan Fund investment, which will support its development of new services and the recruitment of the staff required to deliver them.
A number of new jobs are expected to be created over the next 12 months as the business grows, with plans for a move to larger premises to accommodate them already being laid.
The McGrady Clarke management team is continuing to build the brand on a global basis, while it is also open to looking at acquisitions as part of its growth strategy, if the right opportunities arise.
Fergus McGrady, who founded the business with fellow director Theodore Clarke in 2019, says: “With the drive towards Net Zero firmly established in the national consciousness, the UK is ahead of the curve in the sectors in which we’re operating, although there is still obviously a huge amount of work to be done, and we feel that there’s no better place for us to grow from than here in the North East.
“A business’s journey to true sustainability is about much more than just box ticking. It encompasses every part of its operations, all aspects of the life cycles of its products and services and even the way in which the firms in its supply chain choose to operate.
“The detailed carbon consultancy work we do gives clients a clear, practical and individualised picture of how they can make improvements, the technologies and processes they need to do so and the environmental and cost benefits they can expect to see as a result.
“Corporate power purchase agreements, risk management and renewable technology installation are all growing areas for us, while we’re continuing to develop new services as the energy market evolves and new opportunities arise.
“The NEL team was very personable and clearly interested in our story right from the start, while the investment process was straightforward and completed pretty quickly.”
Mike Guellard, senior investment executive at NEL Fund Managers, adds: “McGrady Clarke has achieved considerable success in just a few short years and has a clear growth strategy in place for building on it.
“Low carbon investments such as this one are a real priority for the North East Fund and we’re pleased to be adding another ambitious regional firm with this focus to our investee portfolio.”
Part of the £120m North East Fund and aimed predominantly at smaller SMEs, the £9m North East Small Loan Fund typically offers loans of between £10,000 and £100,000 to businesses in Tyne & Wear, Durham and Northumberland.
It is designed to assist with the creation of over 1,200 new regional jobs in more than 320 SMEs over the life of the fund.
The overarching £120m North East Fund will provide financial support for more than 600 businesses, creating around 3,500 jobs and delivering a legacy of up to £80m for further investment into the region.
For more information on NEL’s investment criteria, visit www.nel.co.uk or contact the investment team on 0345 369 7007.