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07 December 2015

Case study 4

Renewed energy for Ecologic Living’s expansion plans following work with The North West Fund.

EcoLogicLiving, a provider of renewable energy solutions, is looking to take advantage of new technologies to grow its market share following further investment from The North West Fund for Energy & Environmental, managed by 350 Investment Partners.

 

Based in Carlisle, EcoLogicLiving was established in 2008, and is a supplier of biomass boilers, heat pumps, solar photovoltaic and solar thermal systems for a variety of commercial projects. With the company's roots firmly in the farming industry, the firm supplies predominantly to the agricultural sector, but is now looking to branch out into the renewables and recycling markets.

 

Founder Islam Pearson said: "I wanted to create a model that wasn't just about selling products, but selling solutions. We guide customers through the entire process, from the initial conception and design stages, through to the installation and maintenance services. Working with our team of experts, this procedure means that we are able to supply exactly the right systems, be it for someone's home, retail or office space, or industrial buildings."

 

EcoLogicLiving originally received £500,000 from The North West Fund as a means of facilitating and sustaining the firm's expansion. The business had witnessed rapid growth, with turnover nearly doubling from £1.7m to £3.2m between 2013 and 2014, and is expected to hit in excess of £4.5m at the close of this financial year. "We soon recognised the need for extra resources," Pearson added. "Our initial business plan had us reaching £500,000 turnover after three years, but we actually achieved this in year one. We realised that our own capabilities were holding the company back, and that in order to progress we required additional cash flow."

 

Follow on funding from The North West Fund allowed EcoLogicLiving to significantly increase its headcount, growing from 12 to 32 staff. The firm was also in a position to finance larger-scale jobs, as well as create the infrastructure to facilitate them. This involved purchasing materials, expanding offices and warehouse space, and obtaining its own fleet of vans. EcoLogicLiving is now looking to expand further into the renewables sector to capitalise on the recent growth in the market, particularly the increased uptake of solar photovoltaics supported by the Renewables Obligation scheme.

 

On working with The North West Fund, Pearson commented: "It has been a very positive experience, with the team supporting us throughout our rapid growth, and advising us when there have been tough decisions to make. They have guided us through the previously unknown structure of the venture capital world, and have become an integral part of our business."

 

 

 


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