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Home heating expert, Boiler Plan, has been ranked as the UK’s eighth highest fast-growth new business in the Startups 100 annual index, which showcases the country’s top 100 disruptive startups.
Based in Cramlington, Northumberland, Boiler Plan was founded by heating engineer Ian Henderson, who says he was inspired to change the way domestic boilers are sold and installed. Its business model caters for people who are unable to afford the upfront cost of replacing an ageing or broken boiler and offers a range of affordable repayment plans.
The 2020 index of Disruptive UK Startups, run by Startups.co.uk, is designed to showcase those new businesses launched within the last five years that demonstrate innovation, solid financials, economic impact, and an ability to scale.
Boiler Plan recently attracted a £1m investment, comprising £600,000 from Maven VCTs and £400,000 from the North East Development Capital Fund, supported by the European Regional Development Fund and managed by Maven Capital Partners.
The funding will support its long-term growth strategy, which includes creating 40 new jobs over the next 12 months and increasing annual turnover to £30m.
“It’s an honour to feature in the Startups 100 index, but to be ranked eighth is amazing when you consider the strength of the other businesses on the list,” says Ian Henderson. “This not only reflects the innovative and responsive nature of the business but the hard work and dedication of our staff in delivering a high standard of customer service.”