Turbine Efficiency Group
Growth Fund - Loans & Equity Case Study
Turbine Efficiency Group specialises in the supply and maintenance of gas turbines around the world. Since being established in 2000, the company has enjoyed continued growth and is on target to reach a turnover of more than £4.5million this year.
To support its growth, Turbine Efficiency has set-up new headquarters at Hayfield Lane Business Park, Auckley in Doncaster. At present the company employs six staff in South Yorkshire, with plans to expand the workforce further in the future.
Alan Hawkins, founder and Managing Director of Turbine Efficiency, said: “The Doncaster site will be our new UK headquarters tasked with growing the business in areas which are not our core services. This will include establishing new business in various markets around the world.
“Staff will be in sales, marketing, accounts and business development, supporting new areas of business delivery which will subsequently help increase the amount of work on maintaining turbine engines, which is our main area.”
The move follows a £1.29m Equity Linked investment from Finance Yorkshire – the largest deal to date for the venture capital and loan fund.
Turbine Efficiency will retain its operations in Lincoln which will continue to employ more than 20 people to focus entirely on its core services of supplying and maintaining turbine engines.
The Investment Rationale
Ian Brown, Portfolio Manager at Finance Yorkshire, said: “Turbine Efficiency is a well established and profitable business working in a niche and dynamic sector.
“The company has a strong core customer list of large global organisations as a result of the high quality bespoke nature of its services. The business has clearly defined growth plans to drive its customer base in addition to increasing the number of services it can offer around the maintenance of the entire turbine system.
“The experienced management team is highly respected within the sector with a large network of connections through which to drive further growth.”
Turbine Efficiency’s growth plans will create a number of job opportunities and stimulate the economy in Doncaster and South Yorkshire.
Alan added: “We have had modest growth in recent years, so we see this expansion as a big opportunity for the business to significantly increase operations, building on our existing contacts in Argentina, North America and the Middle East.”
Note: this case study is from Finance Yorkshire’s previous fund. Read more about Finance Yorkshire