Environmental Essentials, one of the UK’s leading asbestos service providers, has received £3.2m in funding from the Business Growth Fund (BGF). The money will be put towards the pursuit of continued organic and acquisitive growth.
Based in Stoke-on-Trent and operating from six offices throughout the UK, Environmental Essentials provides asbestos management, training and surveying services to corporates, local authorities and public sector institutions.
Clients include Asda, Marks & Spencer, The Co-operative Group and Savills. Richard Powner and James Riley co-founded the business in 2004.
Environmental Essentials has demonstrated consistent growth in recent years and for the year ending 30 September 2015, the company is on track to generate revenues of around £10m.
The management team will use BGF’s funding to open a national asbestos training centre in Stoke-on-Trent and a new office in Aberdeen focused on the oil and gas sector, which will create further jobs across the business.
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Looking further ahead, BGF funding will support selected acquisitions of businesses in asbestos and complementary health and safety and compliance services in strategically-relevant regions of the UK.
Simon Cashmore, current CEO of TCL Group, the landscape services, estate management and play space services provider which is also backed by BGF, will join the Environmental Essentials’ board as non-executive chairman.
Richard Powner, co-founder and director at Environmental Essentials, said there is a “sizable market opportunity for us to go after in the UK”.
“With BGF’s support we are now in a position to accelerate our growth plans across the UK whilst continuing to deliver first rate customer care to our existing clients,” he continued.
Investor Mark Freer, who joins the Environmental Essentials’ board on behalf of BGF, added: “This is an exciting opportunity for us to back a business that is clearly highly regarded by its customers in a market in which there is enduring demand.
“Asbestos is an issue that affects a significant proportion of UK commercial and public sector buildings and Environmental Essentials is one of a handful of operators able to provide a truly national service as demanded by major corporate clients.”
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