Maven Capital Partners (Maven) has led a GBP1.5 million investment in Boiler Plan (UK) Ltd (Boiler Plan), an online platform that sells, installs and services boilers across the UK.
The transaction includes a GBP500,000 investment from the North East Development Capital Fund, supported by the European Regional Development Fund and GBP250,000 investment from NPIF Maven Equity Finance, part of the Northern Powerhouse Investment Fund (NPIF), both funds are managed by Maven. A further GBP750,000 was invested on behalf of the Future Fund, a government scheme backed by the British Business Bank.
Today’s funding will support Boiler Plan’s long-term strategy to invest in its new operating platform to streamline efficiencies and infrastructure. This will allow the business to rapidly scale and continue to expand its customer reach. The investment will also support its new technical training centre in Featherstone and allow the platform to maximise its growth potential.
Maven has invested GBP3.9 million to date in Boiler Plan to fuel a number of growth opportunities and support the business as it achieved key milestones including the creation of over 60 jobs and a significant increase in turnover.
Read more/Source: Private Equity Wire
