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Duncan Renewables to expand after receiving Finance Yorkshire loan
A TRADITIONAL plumbing business which has evolved into renewable energy systems is looking to expand following a six-figure cash injection from Finance Yorkshire.
Run by two brothers, Duncan Renewables is positioned to grow across the north of England with the £150,000 loan to bulk buy Australian products to meet “surging customer demand”.
The business started life as plumbing operation in York, run by Stuart Duncan, who was joined three years ago by his brother, Mark, as the pair looked to expand into renewable energy systems.
The firm, which now employs 40 staff, has since secured contracts for several high-profile commercial installations, including the Yorkshire Showground in Harrogate.
Duncan Renewables has also tripled its turnover from less than £2 million in its first trading year to more than £6 million in the last financial year.
However, bosses say investment was needed if they were to continue to meet customer demand.
Mark Duncan said: “HSBC and RedSky suggested Finance Yorkshire because it didn’t look like the traditional banking route was going to be appropriate for the business.
“We are already a leading supplier in our industry in Yorkshire and in five years I’d like to see us extending our services and broadening our reach even further across the north of England.
“New measures like the domestic Renewable Heat Incentive scheme, where the Government pays customers a subsidy for switching to non-fossil fuel-dependent energy methods, also mean we could potentially go on to double our turnover in the short-term.”
Finance Yorkshire investment manager Ian Atkinson said: “The company has expanded rapidly under the Duncan Renewables brand to become a leading supplier of biomass systems and has an impressive range of installation projects in the pipeline.
“The loan will accelerate further expansion for this growing business and ensure it continues to meet demand and deliver.”
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