Workspace Group helping turn up heat
A social enterprise in Co Londonderry has secured a loan from charity Ulster Community Investment Trust to boost exports of its heat recovery systems.
Workspace Group in Draperstown said it will use the working capital from UCIT – set up to provide affordable finance to social enterprises – to fund the expansion of Therm Tech, which it acquired in 2011.
At that time, it had 11 employees – but under Workspace's ownership the head count has grown to 21.
The company said the new funding would allow it to finance more exports to Europe by Therm Tech, which installs heat recovery systems for clients including Heineken, Ford and CC Jenson.
Workspace's other interests include providing support to start-up businesses, as well as operating a recruitment agency and an energy efficient lighting business.
Company accountant Robin Gawne said: "Therm Tech has reported strong growth in recent years and this loan from UCIT will support our ambitions for further growth, principally through increased exports in the UK and Europe.
"In addition to this increased level of export activity, we will be able to consolidate existing jobs and continue our employee growth strategy."
Harry McDaid, the chief executive of UCIT, said: "UCIT is delighted to be associated with this investment by the Workspace Group. I have long been impressed by the entrepreneurship evident in Draperstown – it punches well above its economic weight and has produced many very successful businesses from small beginnings.
"UCIT seeks to differentiate itself by an empathic and flexible response to client needs. We seek to understand each business' unique characteristics and deliver funding arrangements tailored specifically for those needs."