Published: Nov 04, 2013
Focus:
Growth Capital
Maven is pleased to announce a £500,000 investment by the Greater Manchester Loan Fund (GMLF) in Love Energy Savings.
The £20 million Fund was established by the Association of Greater Manchester Authorities in August 2013. With SMEs continuing to struggle to raise finance as a result of tighter lending criteria, the GMLF was set up to provide flexible funding solutions for promising businesses, helping to encourage growth while creating and safeguarding jobs.
Maven, which manages similar funds on behalf of the UK and Scottish Governments, was appointed as manager of the GMLF in August 2013 and will provide loans ranging from £100,000 to £500,000 to eligible companies in the Greater Manchester area, with the potential to provide follow-on funding up to £750,000.
Bolton based Love Energy provides brokerage services, acting as an intermediary between businesses and energy suppliers in order to deliver the best deal for its clients. Focused on the business, rather than the domestic market, the company has diversified and developed new channels to market, including a ‘price comparison’ website which is unique to the sector.
Although comparison sites are common in the retail market, they are rare in the business space. Launched in February 2013, www.loveenergysavings.com provides businesses, for the first time, the opportunity to compare and contrast energy providers, offering a full online accurate price comparison in a table format similar to that found in the domestic market.
This innovative price comparison approach allows Love Energy to generate its own leads, with higher conversion rates, rather than competing amongst a large number of brokers for the same business.
Phil Foster, Managing Director at Love Energy said: “The investment through GMLF has come at the perfect time for Love Energy Savings following the launch of our new online business energy comparison website. After steady growth over the past 5 years we can now reach more SMEs and homes than ever and support them against the never ending battle of rising energy bills, thanks to this partnership with Maven. Being committed to the Bolton area I’m delighted that through this investment we can bring increased job security and opportunities to the people of Bolton as we accelerate the business over the coming years.”
Andy Thomas, Investment Director at Maven added: “Phil and the team have developed a strong brand in the SME business energy market which, combined with their innovative new comparison website, will position them well to achieve strong growth. Love Energy has a unique proposition in a rapidly developing sector, and this loan will help the company to deliver its full potential.”
