Hull firm Pearson Electrical forecasts growth with Finance Yorkshire backing

Pearson Electrical is on track to achieve growth of over 30% with support from funding firm Finance Yorkshire.

Hull-based Pearson Electrical, which provides electrical services to the offshore renewable energy sector, secured a £20k business loan and plans to use the cash to install a burn-off oven and winding machine for electric motors.

The company has been chosen as one of the first 40 suppliers for the Green Port Hull development, which will see German tech giant Siemens construct a new multi-million pound facility for the creation and maintenance of wind turbines.

Mark Pearson, MD at Pearson Electrical, said: “Siemens’ commitment to Green Port Hull is terrific news for the regional supply chain and we expect this to contribute to growth of around 30% in our business.

“Our marine expertise across a wide range of services along with our high level of customer service and on-time project delivery means that we are trusted by a number of companies in the marine energy industry.”

Established in 1995, Pearson Electrical currently employs 10 people and plans to create a further five jobs over the next 12 months.

Finance Yorkshire’s investment manager, Ian Atkinson, commented: “This is an exciting time for the offshore energy industry in the Humber and Pearson Electrical is well placed to capitalise on the opportunities that are emerging.

“Mark has built an excellent reputation for his business and we’re looking forward to seeing the next phase of its growth.”

Since its inception, Finance Yorkshire has invested £97m in the region’s companies, enabling them to grow their collective turnover by £352m and attract an additional £187m investment from other private sector sources.

The organisation has said that, to date, its activity has helped SMEs to safeguard over 10k jobs in the Yorkshire and Humber region.

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