Dains continues its relationship with Finance Birmingham
ON-POWER Electrical Services, with offices in Wolverhampton and Birmingham, has secured £800,000 of working capital from Finance Birmingham, a national provider of funding to SMEs. Founded in 2012, ON-POWER operates across the UK. It works for clients in the domestic, commercial, retail, leisure and industrial sectors.
The finance will be used to fund ON-POWER’s rising order book, as the firm’s client base continues to expand. By supporting the company’s ambitious growth plans, the funding will also help to create 12 new jobs during the next three years.
ON-POWER recently won contracts for a number of major construction projects that are due to complete in 2015. They include the University of Leicester’s new £30 million Medical Science Building working alongside NG Baileys; a £4 million refurbishment of the Weston Favell Shopping Centre in Northampton; and the new 19-storey Aurora Hotel in London’s Greenwich peninsula working alongside HESIS, which is part of a £121 million regeneration scheme for the area.
The difference we made
Dains provided financial forecasting support to On-Power to ensure that the forecasts prepared were robust and supported the investment made by Finance Birmingham. Having taken the time to understand the business and the cash cycles, we were able to produce a forecast model reflective of reality and allow a suitable amount of funding to be provided to cover the working capital requirement of the new upcoming contracts.
What our client said
Jonathan Billingham, Managing Director from ON-POWER, said:
“Finance Birmingham’s funding package will help to transform our business, enabling us to capitalise on every opportunity to grow and develop ON-POWER. 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.”
What we said
Rob Wilson, Manager at Dains Corporate Finance said: “This transaction is a great outcome for On-Power and should give the company the facilities to grow and undertake these large projects that they are being asked to quote for.”