A West Midlands electrical services provider has secured an £800,000 working capital injection from Finance Birmingham.
The cash will support Wolverhampton-headquartered ON-Power Electrical Services’ growth plans, as well as helping create 12 jobs at the business over the next three years.
“Finance Birmingham’s funding package will help to transform our business, enabling us to capitalise on every opportunity to grow and develop ON-POWER,” said managing director Jonathan Billingham.
“It will ensure that we have the capacity to fulfil major contracts from larger firms, and meet growing demand from all of our customers.
“ON-POWER’s expansion will rely on growing our repeat business as well as attracting new clients. We will be investing in our customer service and taking on new staff, so that our work continues to be delivered to a high standard and within deadline.”
Ian Fairclough, investment director at Finance Birmingham, added: “ON-POWER is an exciting and fast growing business, with a strong and ambitious management team. The working capital provided by Finance Birmingham will help the company to realise its full potential, as demand for its services continues to rise.”
ON-POWER was formed in 2012 and is currently working on a number of major construction projects, including the University of Leicester’s £30m medical science building and the £4m refurbishment of Weston Favell Shopping Centre in Northampton.
Its clients also include Royal Mail, Sainsbury’s, Asda, South West Trains, HSBC and National Grid.
The company also has an office at Birmingham’s Brindleyplace.