Belfast-based SALIIS has secured a £500,000 loan from the Growth Loan Fund that will be used as working capital for upcoming projects. As a result of these projects, the company will create up to 15 new jobs.
Finance for the £50m Growth Loan Fund – which provides loans to established Northern Ireland SMEs seeking to access growth finance – has been provided by Invest Northern Ireland and private investor, Northern Ireland Local Government Officers’ Superannuation Committee (NILGOSC).
Established in 2012, the company has become a leading provider of renewable energy and energy efficiency services to both the public and private sector. The company has expanded rapidly, with 51 employees and an annual turnover of £8.8m after only four years of business.
Michael Burke, Managing Director of SALIIS, said: “We have worked extensively across Great Britain and Ireland providing renewable and energy efficient services to public and private sector clients.
“One of the biggest projects we’ve worked on to date was installing 14,000 solar panels on the roof of Bombardier last year. The project was worth €4.8m (£4m) and was the first rooftop solar installation in Ireland.
“The backing from the Growth Loan Fund is a major confidence boost for the business. We have a significant pipeline of work for the coming 12 months and would hope to be recruiting for a number of new positions over the coming year. The new jobs will be a mix of technical, sales and operation positions.”
Looking ahead, Mr Burke, said: “We’d like to expand into other markets and we’ve had discussions with companies in Dubai and France. We’re also going to place a real emphasis on R&D, developing our services and SMART products.”
Jenna Mairs, Investment Manager at WhiteRock Capital Partners, said: “SALIIS has achieved a remarkable turnover in a very short period of time. They identified a gap in the renewable energy market and have positioned themselves as a leading provider.
“The company’s rapid growth was an attractive proposition for the Growth Loan Fund. Helping Michael and his team finance the next phase of the company’s growth was a logical decision.”
Richard Moorehead, Director of the HNH Group, which helped advise the company, commented: “In the four years since it was established, SALIIS has grown at a terrific pace, developing a broad range of services and expanding to become a leading player in the UK energy efficiency sector. With management having identified a number of opportunities for further growth, we were delighted to be able to assist in securing the necessary growth finance to help capitalise on these opportunities.”
WhiteRock Capital Partners LLP, which is authorised and regulated by the FCA, was established in 2012 to manage the Fund and is owned by a consortium of three partners – WhiteRock Finance Limited, NEL Fund Managers and Clarendon Fund Managers.
Companies seeking funding from the Growth Loan Fund must be based in Northern Ireland, demonstrating growth and generally be in the manufacturing, engineering or tradable services sectors. Loans will be typically unsecured and personal guarantees will not be sought.
The loans provided are expected to be complementary to existing sources of finance, including banks, trade finance sources and equity investors. Loans are provided on a fully commercial basis, with monthly loan repayments required over typically a five-year term. For more information about the Growth Loan Fund’s criteria please contact email@example.com or go to www.growthloanfund.com.