Maven leads £1.5 million funding round in Boiler Plan
A market disruptive platform that sells, installs and services boilers is to invest in a new operating platform following year-on-year growth
Maven Capital Partners (“Maven”), one of the UK’s most active private equity houses, has led a £1.5 million investment in Boiler Plan (UK) Ltd (“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.”
Principals and key advisors to the transaction
For media enquiries or any questions about the investment, please contact:
|Maven Capital Partners|
|Emma Neal||020 3102 2761||[email protected]|
|Sapience Communications (PR to Maven)||[email protected]|
|Richard Morgan Evans||020 3195 3240||[email protected]|
Notes to Editors
About Maven Capital Partners UK LLP
Maven Capital Partners UK LLP (Maven) is an independent private equity house focused on the provision of flexible equity and debt funding for UK SMEs, and one of the most active managers in the UK having invested over £500 million in British businesses since 2009.
Headquartered in Glasgow, and with eleven offices throughout the UK, Maven has over 90 investment and support professionals providing a truly nationwide coverage. Maven has £660 million funds under management and ready to invest, and manages assets for a variety of client funds, including Venture Capital Trusts, UK regional fund mandates, and Maven Investor Partners, a syndicate of institutional, family office and experienced investors.
For more information about Maven visit: www.mavencp.com
About The North East Fund
The North East Fund is a suite five venture capital and loan funds which was established in April 2018, to invest £120m in around 600 North East businesses in the period to March 2023. The fund managers provide business development advice and investment finance to small and medium sized enterprises based in the seven Local Authority areas of North East England: Northumberland, North Tyneside, Newcastle, South Tyneside, Gateshead Sunderland and County Durham. The programme encourages investment in and the commercialisation of new technologies, including low carbon technologies, as well as stimulating new business creation, private investment and entrepreneurialism in the North East, with a view to creating over 2,500 new jobs. The North East Fund has overall responsibility for the programme, which is delivered through five separate funds, each managed by independent, FCA regulated fund managers. Details of these, and up to date information on the progress of the programme, is available on The North East Fund’s website: www.northeastfund.org
The North East Fund has been established with funding from the North East of England European Regional Development Fund programme, the European Investment Bank and from returns on previous North East based, publicly supported investment funds. It is jointly owned by the seven North East local authorities
Information About the European Regional Development Fund
The North East Fund will receive up to £58,500,000 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Ministry for Housing, Communities and Local Government is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations.
For more information visit https://www.gov.uk/european-growth-funding.
Information About the European Investment Bank
The European Investment Bank (EIB) will lend up to £60,000,000 to the North East Fund programme. The European Investment Bank is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.
For more information, visit: http://www.eib.org/about/index.htm
Information about Boiler Plan UK
Boiler Plan provide a simple and convenient way to purchase a new boiler. Within 60 seconds customers can get an instant online quotation along with recommended boiler types for their home. To make the process more affordable, a range of flexible financed repayment plans are offered through partner lenders such as Barclays. The finance plans can be paid over 1 to 10 years, with no deposit or upfront costs required and rates from 0% to 7.9% APR. Boiler Plan put their customers at the heart of everything and its dedicated customer service team ensure customers are happy and well informed before and after their installation. Testament to this is Boiler Plan’s Trustpilot score of 9.6 with customers rating their service as five-star and ‘excellent’.
For more information, visit: www.boilerplanuk.com