Leeds-based Help-Link, the only central heating specialist apart from British Gas to work throughout the whole of the UK, has completed a deal with NorthEdge Capital, a private equity firm.
The business, which started 15 years ago as four men in vans, has built its growth on making it simpler and more affordable for households on a budget to acquire a new boiler. Over the past year the firm has fitted 25,000 new boilers and this will rise to 40,000 over the next 12 months using 300 teams of engineers.
The deal will enable the firm to increase its workforce by 100 to over 700 in the next year and significantly strengthen its management structure following the appointment of Alistair Gamage, the former group finance director at Kier, as finance director and Jim Stephenson, who was previously managing director of Eaga Heat, as operations director.
“This is all about growth and we intend to have a turnover of GBP160m and 1,000 staff in three years’ time,” says Help-Link’s chief executive Mel Butler. “It’s a very exciting time and this deal will allow us access to NorthEdge’s support structures including their supply chain network, strategic partnerships and extensive management experience. Their key personnel have a proven track record of successful investments.
“Being Yorkshire-based we were very attracted by NorthEdge’s idea of investment just for Northern firms. Although this was a highly complex deal we were impressed with their honest and transparent approach.”
James Hall, who led the deal for NorthEdge, says: “Help-Link has grown significantly in recent years, thanks to its willingness to invest in its brand and its obsession with providing customers with what they want, with the quality they expect and at a price that they can afford. Help Link is entering an exciting phase of its growth and we are delighted to be part of the next stage of its development.”
Help-Link projects that turnover will increase to GBP80m by next March and GBP120m the following year with staff rising from 720 to 850 by 2015.
