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Finance Birmingham backs On-Power

Birmingham-based electrical services contractor secures new finance package with the aim of doubling in size over next three years

From left: Managing director Jonathan Billingham and chief executive Tony Round, both of On-Power, and Ian Fairclough, investment director with Finance Birmingham
From left: Managing director Jonathan Billingham and chief executive Tony Round, both of On-Power, and Ian Fairclough, investment director with Finance Birmingham

A fast-growing electrical services contractor is planning to double in size within three years after securing a new £500,000 package.

The capital has come from the On-Power's own shareholders and funding body Finance Birmingham.

The deal will enable the business, which tripled its turnover following an initial investment from Finance Birmingham, to pursue further growth plans and create new jobs following a number of high-profile contract wins including with Next, London Bridge Tube Station and the University of Nottingham.

On-Power has bases in Birmingham and Wolverhampton and its clients also include Royal Mail, Sainsbury's, Asda and National Grid.

Managing director Jonathan Billingham said: "In the last 12 months, On-Power has consistently delivered major projects for larger clients.

"With this track record and latest funding, we will be able to keep up the momentum, grow our team and win more national contracts."

The investment provided by Finance Birmingham is from its £56 million Mezzanine Fund which is open to SMEs across the West Midlands and supported by the Regional Growth Fund.

Investment director Ian Fairclough said: "On-Power is growing rapidly and this latest funding will ensure the company can take full advantage of new opportunities.

"As well as winning an impressive array of major contracts, the management team has strengthened the business in order to double in size over the next two to three years."

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