Maven Capital Partners has led a £1.5 million investment in Boiler Plan, a market disruptive online platform that sells, installs and services boilers across the UK. The transaction includes a £500,000 investment from the North East Development Capital Fund, supported by the European Regional Development Fund and £250,000 investment from NPIF Maven Equity Finance, part of the Northern Powerhouse Investment Fund (NPIF), both funds are managed by Maven. A further £750,000 was invested on behalf of the Future Fund, a government scheme backed by the British Business Bank.
Today’s funding will support Boiler Plan’s long-term strategy to invest in its new operating platform to streamline efficiencies and infrastructure. This will allow the business to rapidly scale and continue to expand its customer reach. The investment will also support its new technical training centre in Featherstone and allow the platform to maximise its growth potential.
Maven has invested £3.9 million to date in Boiler Plan to fuel a number of growth opportunities and support the business as it achieved key milestones including the creation of over 60 jobs and a significant increase in turnover.
Boiler Plan’s innovative online platform (boilerplanuk.com) supports the entire boiler sales process, handling everything from the choice of appliance, the initial home survey, finance payment options, installation by a qualified engineer, and the ongoing maintenance and aftercare service. Its ‘digital first’ solution offers consumers a quick and convenient way to purchase a new boiler and have it installed by an expert engineer within 48 hours, removing any hassle or complications to the end buyer.
Gas-fuelled boilers remain the dominant source of domestic heating in the UK. Today there are 22 million households in the country that are heated by natural gas boilers compared to 17 million in 2000, and there is the potential for further growth as consumers increasingly opt for smart heating innovations to improve energy efficiency and control.
Peter Smith, Investment Associate at Maven, said: “It was a pleasure to work with Ian and the team and support their rapid growth. Our latest investment in Boiler Plan is a real testament to what the business has achieved so far, and the funding package is a great example of our regional funds working together to allow a British business to capitalise on new market opportunities across the UK. As an independent firm we have the freedom to be flexible and creative in developing deal structures that create the best platform for future growth.”
Ian Henderson, Managing Director and Founder of Boiler Plan said: “Both myself, our Directors and the whole team at Boiler Plan are delighted to receive this additional funding from Maven Capital Partners. The Maven team have been extremely supportive since their first investment in 2018 and they been there for us when we have needed them to further support our ambitious growth targets, both with follow on capital investment and strategic business decisions. This latest investment round will allow us to develop our software platform as well as create further jobs, which in turn will drive further efficiencies in our operating model and allow us to scale even faster.”