MEIF supports Birmingham business with £300,000 funding
A repair and security company has secured £300,000 in new funding to help it expand its range of services and train its staff.
Butco Heating, based in Birmingham, specializes in heating, electrical and security services such as installation and maintenance.
The company, based in Minworth, has been operating in the West Midlands for over 60 years.
This new funding will be used to expand its offering for the installation, maintenance and repair of domestic boilers, smoke alarms and home security systems, including rewiring and repairs.
It will also use the capital to expand the training of its engineers and support staff on its new products and services and strengthen its sales and marketing operations.
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Director James Tough said: “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 existing and new customers.
The £300,000 funding came from part of the Midlands Engine Investment Fund, managed by Maven Capital Partners and backed by the Recovery Loan Scheme.
Maven’s Chief Investment Officer, Sajid Sabir, said: “Butco Heating is an established family business which has developed a solid reputation in the West Midlands.
“Led by a highly experienced and ambitious management team, the company has built 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 is a perfect fit with the company’s growth plan and we look forward to helping it reach its full potential.”