NPIF - Maven Equity Finance has invested £250,000 in Boiler Plan to support the company’s growth and training centre in Featherstone, West Yorkshire. The transaction also includes a £500,000 investment from the North East Development Capital Fund, supported by the European Regional Development Fund also managed by Maven, and a further £750,000 was invested on behalf of the Government’s Future Fund.
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.
Alex Rothwell, Investment Manager at Maven, said: “We’re delighted to back Boiler Plan at such an exciting point in the company’s journey. The new training centre in Featherstone will create new skilled jobs as the platform embarks on a programme of growth. We look forward to working with Ian and the team to help this disruptive platform scale up.”
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’ve 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.”