Member Article

York biomass business secures expansion funding

York-based Duncan Renewables, a leading supplier of biomass and solar systems, is set to meet an increase in product demand after securing a £150,000 business loan from Finance Yorkshire.

The family-run firm, which employs 40 staff and turned over more than £6m in the last financial year, is using the cash injection to bulk purchase Austrian-made boilers, which will allow it to meet surging demand for its products.

Duncan Renewables is run by brothers Stuart and Mark Duncan, who have led the company’s expansion in the Yorkshire region after spotting the potential for the firm to expand from its roots as a traditional plumbing business into the installation of renewable energy systems.

The company has recently completed several high profile commercial installations including Yorkshire Showground in Harrogate.

Mark Duncan said: “We are already a leading supplier in our industry in Yorkshire and in five years I’d like to see us extending our services and broadening our reach even further across the north of England.

“New measures like the domestic Renewable Heat Incentive scheme - where the Government pays customers a subsidy for switching to non-fossil fuel-dependent energy methods – mean we could potentially go on to double our turnover in the short-term.”

Finance Yorkshire investment manager, Ian Atkinson, said: “The company has expanded rapidly under the Duncan Renewables brand to become a leading supplier of biomass systems and has an impressive range of installation projects in the pipeline.

“The loan will accelerate further expansion for this growing business and ensure it continues to meet demand and deliver.”

The brothers were introduced to Finance Yorkshire by Martin Bell of RedSky.

This was posted in Bdaily's Members' News section by Mark Lane .