Chartered accountancy and business advisory firm UNW has sourced, negotiated and secured a £2.1m investment for Maven Capital Partners for Boiler Plan UK.
The Cramlington-based boiler installation firm, which provides an innovative online platform for consumers to purchase its boilers, will utilise the multi-million-pound investment to accelerate its growth plans and create around 30 new jobs over the next 12 months.
With the UK domestic heating marketing worth around £3bn annually and growing at 2% per annum, the timely investment will also allow the firm to roll out its operation into new territories such as the South West, Wales and London.
Boiler Plan UK is one of the first providers to offer a full end-to-end digital solution and its platform currently services circa 45% of the current UK market geographically.
UNW’s corporate finance team worked with Boiler Plan UK extensively over several months to ensure a suitable transaction for all parties, developing an understanding of the firm’s ambitions and advising them on the most suitable avenue to fund these plans. An investment deal was struck between UNW and Maven Capital Partners, a lower-mid cap private equity house focused on the provision of growth capital and mezzanine finances to SMEs across the UK, in October 2018 for Boiler Plan to receive £2.1m.
The investment was split to include a £1.65m investment from the Maven VCTs and a £500,000 investment from the North East Development Capital Fund, managed by Maven and supported by the European Regional Development Fund.
John Healey, Corporate Finance Partner at UNW, said: “It’s been realty great to get to know the Boiler Plan product throughout the application process. Operating within a pretty mature sector that’s seen minimal technological advancements until recently, the platform is disruptive and already has a strong foothold within the marketplace.”
It has been a real pleasure not only to secure the investment, but also to ensure they can continue the successful growth plans and go from strength to strength in the coming months and years.”
Ian Henderson, Managing Director and Founder of Boiler Plan said: “We are absolutely delighted to have secured this investment, which will allow us to continue on our growth plan and develop our digital platform.
“I would like to thank John Healey and James Allsopp from UNW for their first-class advice and for having an ‘arm around my shoulder’ for the entire process. I can’t recommend UNW highly enough for anyone looking for a Corporate Finance Partner and I would not hesitate to use them again in the future.”