ESL powers up new contract with working capital plug from Reward Finance Group.
19 Nov 2020
Renewable energy consultancy, Electek Solutions Limited (ESL), is continuing its impressive growth with a short-term working capital injection from Reward Finance Group, to help meet the increasing demand for its services from across the UK and help win a major new contract.
The Newcastle-based company audits companies’ energy performance and supplies and installs solutions to reduce consumption, save costs and protect the environment. Solutions include LED lighting, solar panels, PV and battery storage, and advanced energy monitoring systems.
ESL, which retained the Consultancy of the Year title at the 2020 North East Energy Efficiency Awards, works across all sectors including local authorities and housing association, schools, colleges, hospitals, manufacturing facilities and offices.
The cash injection from Reward Finance Group will enable ESL to buy the energy saving products needed to complete a large project it has recently been awarded, as its working capital was tied up in ongoing contracts.
Commenting on the impressive growth for the company, director of ESL, David Hutchinson, said,
“It is interesting to note that 53% of SMEs have no environmental and energy efficient management systems, despite it being a Government requirement to have a strategy in place.
“The rapidly changing needs of the energy sector and changes to the laws now involves high-level reporting and control. If these are not in place companies could be breaching environmental laws.
“The demand for our services has really grown during the pandemic, possibly because organisations have had more time to review their energy consumption in response to legislation. This has led them to recognise the commercial and financial benefits which will be gained through a review and overhaul of their current energy systems.
“As well as reducing operating costs, organisations will also enhance their environmental credential which could help them access new markets and provide a competitive differentiator.
“We were asked to tender for a large project but, as our working capital was tied up in completing other contracts, we considered turning it down.
“However, Matt Lister, of commercial finance intermediary Corporate and Commercial Business Solutions Group, introduced us to Reward Finance Group. The team at Reward recognised our growth potential and track record and provided us with the funds. It meant we could tender for the contract with confidence, knowing we had the additional working capital to purchase systems and products needed to complete the job, which we were subsequently awarded.”
Reward Finance Group’s senior relationship manager, Alan Sanderson, was impressed with the company and had no hesitation in providing the funds.
“David and his team have built a business which has an excellent reputation with a blue-chip client list,” he said. “This has led to many new contracts which require a significant investment to complete.
“When we were advised about the invitation they had been given to tender for a large contract we worked quickly to turn around the Business Finance funding in a few days so they did not miss the opportunity to take on this profitable project.”h