Innergy Plc
Leeds based innergy LPG will accelerate their growth after securing significant funding from government backed Business Enterprise Fund (BEF).
innergy LPG supply industrial and bottled gases to businesses throughout North and West Yorkshire and have seen rapid growth, achieving annual sales of over £1 million in less than three years. innergy LPG supply industrial and bottled gases to over 1200 businesses throughout North and West Yorkshire with customers including British Airways, Arla, Coca Cola, John Smith Brewery, Seabrook Crisps and BritVic. In June 2008 innergys planned expansion in to the supply of Bulk LPG was delayed when a funding package was withdrawn by a high street lender at short notice.
“The Bulk LPG market represents a huge opportunity for us, particularly following the conclusions of a recent investigation by the Competition Commission” explains Gez Walsh, Commercial Director of innergy LPG. “ A number of main stream lenders were very keen to provide the finance to support our growth, until the economic climate changed. Rather than limit or curtail our ambitions we decided to look at alternative sources of funding. Business Enterprise Fund (BEF) not only offered us financial support but we also benefit from their input as experience and accomplished business people”.
As part of their support package, BEF Business Mentor Richard Wharton, joins innergy LPG as a non-executive Director. “ We had been looking for an external advisor so Richards appointment is a valuable additional benefit. He brings vast experience as a Director of a number of varied companies and has worked with other high-growth businesses through Business Link and Leeds Metropolitan University Business Incubator”.
“Our growth potential is limited only by the capital requirement, but this funding package will enable us to achieve our ambitious growth aspirations.”
innergy LPG are finding that the recession does bring opportunities. “We can generally offer business customers’ significant savings on the cost of their bottled gas, Bulk LPG and industrial gases. More and more businesses are now taking our calls, even taking the initiative. With the threat of redundancy now very real, businesses are keen to improve their buying, impress the boss, and reduce the overhead. Suddenly every penny counts.” explains Walsh. He cites a large carpet manufacturer as an example. “They were using cylinders for their fleet of gas-powered forklift trucks. By installing one of our refueling units, pictured below, they estimate savings of in excess of £25,000 per year!”
innergy LPG began trading in March 2006. In September that year they acquired Leeds Calor Gas Centre and in July 2008 made a further acquisition - I C Greens of Knaresborough, one of the UK’s longest established industrial gas agents. Innergy were winners at the NatWest Start-Up Awards in 2007 and are featured in the Start-Ups HOT 100 – the UK’s 100 most exciting start-up businesses. They have been recognised by Rt Hon Stephen Timms MP, Minister for Competitiveness who said of them “I was impressed that they are so confident of the strength of what they offer that they provide on their website links to their competitors, so that customers can make a comparison for themselves. One of my priorities is that in Government we should be doing everything we can to help these businesses succeed and grow – to go on to become large businesses”
“It is easy to become blinkered by the current economic doom and gloom. But we believe A good business will always grow, a strong entrepreneur will always create the opportunity, and an exciting business plan will always attract funding,” says Walsh
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