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25 April 2012

Family business set to thrive with North West Fund investment

Press Release 25th April 2012

A family-owned business in Carlisle is set to capitalise on the surging interest in renewable energy after securing £500,000 investment from The North West Fund for Energy and Environmental (NWF4EE).

EcoLogicLiving Ltd is a leading reseller and installer of renewable energy, heat and power generation technologies across the Cumbria, Lancashire and the Scottish Borders. The company, which designs, installs and services a wide range of lower environmental impact systems for home and business owners, was founded in 2008 by husband and wife team Islam and Judy Pearson.

In the past year EcoLogicLiving has experienced rapid growth, recording a turnover of £920,000 in 2010/11. Sales have grown to £1.8 million for the year 2011/12. The company is now targeting significant growth in both the domestic and commercial renewable heating and energy markets. The funding will be used by ELL to expand its team in order to increase its reach across the North West. ELL currently employs 17 staff alongside a network of specialist subcontracted engineers and a growing team of sales representatives.

The NWF4EE is managed by CT Investment Partners and is part of the £185m North West Fund, which is provided jointly by the European Investment Bank (EIB) and European Regional Development Fund (ERDF). CT Investment Partners also advises the Carbon Trust on its venture capital activities and is one of the most experienced investors in this area.

Judy Pearson, director of ELL, said: "We pride ourselves on delivering highquality customer service which helps us to remain at the forefront of energy solutions. With this investment, our aim is to target more customers across a range of domestic and commercial sectors throughout the UK.

"The funding will not only provide us with the injection of cashflow crucial to grow our business financially, but it will help support the development of our executive team. We expect to create a significant number of extra jobs over the next three years to support our growth. We will also continue to execute our innovative approach to renewable energy by maximising carbon saving and reducing costs for our clients wherever possible."

Adam Workman, partner at CT Investment Partners and fund manager of NWF4EE, said: "The North West region is rapidly developing into a centre for low carbon industries. Many businesses are now seeking out innovative cleantech methods and we have noticed a dramatic increase in market consolidation within the renewables sector.

"EcoLogicLiving's ability to keep up to speed with fluctuating trends in the market makes us confident that they can prosper in this competitive marketplace. The investment will fuel growth and open up a range of exponential opportunities that are readily available in the rapidly expanding renewables sector."

Stuart Scott-Goldstone at Aaron & Partners advised CTIP on the deal and Rebecca Mills at Semple Fraser advised EcoLogicLiving. Adam Workman, investment director from CT Investment Partners, has been appointed to the board of the company with immediate effect.

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