MEIF Maven Debt Finance has provided £300,000 of funding to Sutton Coldfield based Butco Heating Limited, via the Recovery Loan Scheme.
Butco provides a range of heating, electrical and security services including installation, servicing and repairs of home boilers, smoke alarms and home security systems, including rewiring and repairs.
The business, which has been trading for over 60 years, is committed to a sustainable future and supporting the drive to net-zero. Butco aims to introduce a range of zero-emission products such as air source heat pumps, and LPG gas boilers for new and existing customers.
An estimated 95% of homes across Britain currently have gas or oil-fired boilers installed in their homes. Following the Government's recently introduced legislation, which bans gas and oil fired boilers being installed in new build homes from 2025, there is a significant market opportunity for the supply and service of lower-emission alternatives.
The funding will enable Butco to train its engineers and support staff on these new products and services, along with utilising new sales and marketing tools to help grow its customer base and deliver greener products to more households.
“BHL is a well-established family-run business that has developed a robust reputation within the West Midlands. Led by a highly experienced and ambitious management team, the business has built up an impressive customer base with strong recurring revenues and has a long-term strategy to diversify its offering to incorporate sustainable and carbon-neutral products.The funding from the MEIF is ideally suited to the company’s growth plan and we look forward to helping BHL reach it’s full potential.”
Sajid Sabir, Investment Manager for Maven
“The funds have enabled Butco to explore new opportunities with a focus on new technologies and the switch to electric heating. Butco is looking to promote these new products to its existing and new customers. With rising energy costs and the shift in technology in recent years, Butco will be at the forefront of eco-innovation.”
James Tough, Director at Butco Heating
“It is promising to see the MEIF supporting the region’s green and sustainable businesses in the drive to net zero. The MEIF is committed to supporting new initiatives and technologies for sustainability, and we encourage other business with eco-friendly products, services and green initiatives in the Midlands to consider funding for its future growth plans.”
Mark Wilcockson, Senior Investment Manager at the British Business Bank