Doncaster based Project Heating Solutions Limited (PHS) is poised for significant growth following the six-figure growth development capital fundraising from FW Capital – Debt Finance part of the Northern Powerhouse Investment Fund.
PHS provides professional installation and services of renewable energy and heating products. The Company is a trusted supplier to domestic households throughout the UK and is fully accredited with MSC, HEIS and FCA approved.
Whilst the main focus has been in the installation of Air Source Heat Pumps, as a high spec energy-efficient alternative to the traditional gas and electric boilers, the Company also installs a variety of other renewable energy alternatives such as Biomass Boilers, Ground Source Heat Pumps and Solar Photovoltaic.
The development capital fundraising provides PHS with the capital resources increase marketing spend and continue with their recruitment drive at senior level as well as growing administration staff to support the Company’s growth over the next few months and years.
Russell Steelyard said, “We are delighted to have secured this significant investment which will enable us to capitalise on the current market opportunity. The investment will allow us to accelerate our growth plan offering best in class installations nationally”.
Yorkshire based deal-making firm Castle Square Corporate Finance, led by Director Patrick Lynch and Connor Marshall, advised PHS on the transaction.
Patrick Lynch said, “Predominantly coming from corporate backgrounds in the plumbing and heating sector, the Management Team have identified a fast-growing area of the market. It is clear that this Management Team has the skill and knowledge to successfully deliver a growth business plan aimed at making PHS one of the UK’s leading installers of renewable heating products”.
The funding was provided by the Northern Powerhouse Investment Fund via fund manager FW Capital.
Steve Teasdale, Investment Executive at FW Capital said “PHS is an exciting business with an experienced management team. Our loan will help them with the capital they need to grow and expand into the ever-increasing renewable energy and heating products sector. My colleague Anne Blanden and I worked closely with Castle Square Corporate Finance to facilitate this business loan which will help PHS realise its growth ambitions”.
Led by Corporate Partner Michael Halls, the Keebles corporate team based in Sheffield provided legal advice to the Company.
Michael Halls, Partner at Keebles LLP, said: “We are delighted to have worked with Russell and the team at PHS advising on their recent investment. The new funds will mean the company is able to accelerate its plan for growth and we wish PHS well in achieving its ambition of becoming one of the market-leading installers of renewable heating products.”
