Finance Yorkshire investment provides spark for electrical firm
A fast-growing electrical contractor has received a £100,000 investment from Finance Yorkshire to power its growth.
Birstall-based Owen Electrical Contractors was formed in 2015 and manages installations for customers including property developers, schools and supermarkets.
The investment, from Finance Yorkshire’s Business Loan Fund, will support the recruitment of additional staff, equipment and an expansion in office space.
Owen Electrical’s current projects include a development in Middleton, Leeds, that includes 116 new houses and a 60-bedroom care home. The company is also on-site at a new school in Rochdale and was recently awarded a contract for a 228-apartment development in Sheffield.
Martin Owen, who runs the company with long-standing business partner Lee Murphy, said: “The business started out with me and three others carrying out rewires and upgrades for council buildings. From there, we have formed trusted relationships with contractors and engineers that has enabled us to secure larger, private sector contracts.
“We have grown very quickly. 2022 was a massive year for us. This investment will help us to bring in new people and expand our space while looking into new areas such as electrical maintenance.”
The company recently achieved accreditation with the National Inspection Council for Electrical Installation Contracting and became a gold member of Constructionline, the UK’s largest network of construction buyers.
Alex McWhirter, chief executive of Finance Yorkshire, said: “Owen Electrical’s client portfolio of well-known residential and commercial construction companies is testament to the excellent service it provides.
“With a reputation for quality and value for money, it is no surprise that its services are in high demand. We look forward to supporting Owen Electrical to further realise its business growth potential.”
Finance Yorkshire’s Business Loan Fund is part of a wider regional business fund which is expected to provide more than £50m to SMEs over five years. Investment is also available from its Growth and Seedcorn Funds.