A North East electrical specialist is looking to increase its share of the growing green energy market with the help of a six-figure investment from the North East Small Loan Fund Supported by The European Regional Development Fund.
GME Industry specialises in designing, installing and maintaining a wide range of commercial and industrial electrical services and works as both a main and sub-contractor with SMEs, property management firms and blue chip businesses right across the UK.
Over the last couple of years, GME has been increasing its focus on the green energy and energy efficiency sectors, helping clients find different ways to reduce their energy usage, costs and environmental impacts.
And now, after working with regional fund management firm NEL Fund Managers to secure a £100,000 investment, the Newcastle-headquartered firm is set to build on the progress it has made so far and tackle a number of emerging opportunities.
Discussions are already ongoing on projects involving the development of new electric vehicle networks and charging infrastructure, while it is aiming to increase the number of energy efficient LED lighting system that it retrofits to locations including schools, universities and NHS buildings.
GME Industry is aiming to double its current £1m annual turnover during 2021 and then to double it again through the following year.
It is also expecting to add its current nine-strong team as the business grows, with plans already in place to recruit a number of apprentices later in the year.
It acts as a preferred supplier on a range of projects for commercial property giant CBRE and was also recently involved with a major installation scheme at Greggs’ Longbenton factory on a refrigeration unit which can hold up to one million pasties.
Craig Morgan, who set up GME Industry with business partner Steve Black in 2012, says: “We’ve built up a solid understanding of the different aspects of the energy efficiency market and a track record that shows we can deliver what clients want quickly and on budget.
“Improving the UK’s electric vehicle infrastructure is one of the hottest topics in British industry at the moment and the conversations we’re already having on different projects in this area are extremely encouraging.
“The cost savings now available through retrofitting modern LED lighting systems into public buildings mean clients can get their money back in as little as a year, while also substantially reducing their carbon footprint, and we’re expecting to see many more organisations realising the long-term benefits of making this initial investment.
“We’ve set ourselves some ambitious growth targets for the next few years, but feel confident that we have the technical skills and commercial strategy required to meet them.
“We’d had a number of conversations with NEL about different ideas and when the time was right, the investment team was really supportive in helping us get things done.”
Mike Guellard, investment executive at NEL Fund Managers, adds: “GME Industry has already demonstrated its energy efficiency credentials and it now has the resources required to make swift progress in markets where the opportunities are almost limitless.”
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.