MEIF backs Birmingham firm with £300,000 funding

A repairs and security firm has secured £300,000 in new funding to help it expand its range of services and train staff.

Birmingham-based Butco Heating specializes in heating, electrical and security services such as installation and maintenance.

The company, which is based in Minworth, has been trading in the West Midlands for more than 60 years.

This new funding will be used to expand its offering to installation, servicing and repairs of home boilers, smoke alarms and home security systems including rewiring and repairs.

It will also use the capital to expand its training of engineers and support staff on its new products and services and boost its sales and marketing operations.

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Director James Tough said: “The funds have enabled Butco to explore new opportunities with a focus on new technologies and the switch to electric heating. Butco is looking to promote these new products to its existing and new customers.”

The £300,000 funding package came from part of the Midlands Engine Investment Fund which is managed by Maven Capital Partners and backed by the Recovery Loan Scheme.

Maven’s investment manager Sajid Sabir said: “Butco Heating is a well-established, family-run business that has developed a robust reputation within the West Midlands.

Led by a highly experienced and ambitious management team, the business has built up an impressive customer base with strong recurring revenues and has a long-term strategy to diversify its offering to incorporate sustainable and carbon-neutral products.

“The funding is ideally suited to the company’s growth plan and we look forward to helping it reach its full potential.”

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