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Left to right: Martin Bell, RedSky Corporate Finance, Ian Atkinson, Finance Yorkshire Investment Manager and Mark Duncan, Duncan Renewables Managing Director.

A family-run firm which expanded into new business areas is meeting an increase in product demand after a cash boost from Finance Yorkshire.

York-based Duncan Renewables began life as a traditional plumbing business, run by Stuart Duncan. He was joined three years ago by brother Mark who left his corporate career after spotting the potential for the firm to expand into the installation of renewable energy systems.

The company has gone on to establish itself as a leading supplier of biomass and solar systems in the region, with several high profile commercial installations including Yorkshire Showground in Harrogate.

Duncan Renewables, which employs 40 staff, has also tripled its turnover - from less than £2million in its first trading year to more than £6million in the last financial year but needed investment to ensure it could continue to meet customer demand.

Now the business is benefiting from a £150,000 business loan from Finance Yorkshire after the brothers were introduced to Finance Yorkshire by Martin Bell of RedSky.

Mark said: "HSBC and RedSky suggested Finance Yorkshire because it didn’t look like the traditional banking route was going to be appropriate for the business.

"Working with Finance Yorkshire was incredibly quick and simple – from our first meeting when they came in to appraise us, through the application process, to the funding being cleared and in our account.

"The money has meant we can bulk purchase our Austrian-made boilers allowing us to meet the surging demand for our products.

"We are already a leading supplier in our industry in Yorkshire and in five years I’d like to see us extending our services and broadening our reach even further across the north of England.

"New measures like the domestic Renewable Heat Incentive scheme - where the Government pays customers a subsidy for switching to non-fossil fuel-dependent energy methods - also mean we could potentially go on to double our turnover in the short-term."

Finance Yorkshire Investment Manager Ian Atkinson said: "The company has expanded rapidly under the Duncan Renewables brand to become a leading supplier of biomass systems and has an impressive range of installation projects in the pipeline.

"The loan will accelerate further expansion for this growing business and ensure it continues to meet demand and deliver."

Finance Yorkshire provides seedcorn, loan and equity linked investments, ranging from £15,000 to £2m to help a range of small and medium sized businesses to meet their funding requirements for growth and development.

The project is supported financially by the European Union. It has attracted £30million investment from the European Regional Development Fund (ERDF) as part of Europe’s support for the region’s economic development through the Yorkshire and Humber ERDF Programme, £15million from Yorkshire Forward’s Single Programme, and £45million match funding from the European Investment Bank.

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Note: this news article is from Finance Yorkshire’s previous fund. Read more about Finance Yorkshire