JBC Industrial Services
Growth Fund - Loans & Equity Case Study
JBC Industrial Services is family business, which services and repairs industrial boilers and combustion equipment. It was formed in 1978 by John Bashall and has offices in Hull and Leeds.
JBC, now run by John Bashall’s son Jamie, delivers a guaranteed, UK-wide, 24/7 call out service for clients across a range of industries.
JBC’s customers include manufacturing giants Bentley Motors, Warburtons and Coors’ Brewery as well as many SME’s.
The business has a turnover of £6 million and employs around 70 people. Recent growth led to the opening of several regional offices, enabling JBC to offer an enhanced scope of engineering services.
Jamie Bashall, Managing Director of JBC Industrial Services, said: “Our key sector is food manufacturing, where a reliable supply of hot water and steam is crucial for production. If they lose production, companies can lose huge amounts of money.
“We offer a free, 24/7 service across the UK. There is always an engineer available, no matter what time of day. This is one of our competitive advantages.”
The company sought funding to extend its geographical reach and to research and develop new products.
JBC received a £500,000 investment from Finance Yorkshire’s Equity Linked Fund, which includes profit participation. This means the company can receive funding without selling equity.
The money will be used to accelerate the nationwide expansion, invest in technology to drive efficiency and customer service and create new jobs.
The ‘Ecosafe’ digital control system, which was launched in 2010, will be developed to include additional features capable of controlling and monitoring boiler houses.
Using a new remote, real-time system, JBC’s engineers can monitor and analyse boilers from any location. They can advise customers on how to reduce energy costs and increase efficiency by upgrading their equipment.
The Investment Rationale
Paul Gower, Investment Director at Finance Yorkshire, said: “We have been aware of JBC for many years and continue to be impressed by its growth, led by an experienced management team. The company is expanding its geographic reach and introducing innovative products to the market, so we predict a bright future.”
Jamie said: “We identified gaps in the market for a remote monitoring and outsourcing solution and will be introducing some exciting new technology next year. We want to push for growth and develop our market share nationally.”
Note: this case study is from Finance Yorkshire’s previous fund. Read more about Finance Yorkshire