South West energy firm lights up next phase of growth with HSBC funding
The business will use an initial £5 million HSBC UK backed investment to deliver 10-to-20-year service contracts for projects across the UK, from Taunton to Edinburgh. These include replacing outdated fluorescent strip lighting with timed and sensor-controlled LEDs that can cut energy use by up to 85 per cent, alongside gas boiler replacements delivering energy savings of more than 30 per cent for landlords and tenants.
In addition, a further facility from HSBC UK will be available to support future contract delivery, and the business’s long term growth ambitions.
With the help of this funding, Boxed Solutions anticipates that the business’s turnover will double over the next twelve months, and this has already resulted in three new hires within the team.
Mike Button, Managing Director at Boxed Solutions, said: “Securing this partnership with HSBC UK is a landmark moment for our business. Having the bank’s backing gives us real credibility as we grow. The scalable nature of the funding matches our growth ambitions to bring energy efficient solutions to more homes across the UK. HSBC UK is now our business bank of choice, and we look forward to a long relationship.”
Chris Hill, Relationship Director at HSBC UK, added: “With housing providers increasingly under pressure to cut carbon and reduce energy bills, the need for practical retrofit solutions has never been greater. This deal gives Boxed Solutions the flexibility to invest in equipment and scale delivery across long-term contracts.”
Founded in 2012, Boxed Solutions delivers heating and lighting upgrades to ageing social housing developments with no upfront costs to landlords. Operating through long-term service contracts, the company helps housing providers cut energy use, reduce maintenance costs and improve living conditions through ultra-efficient boiler systems, remote building management technology and smart lighting upgrades.
Media enquiries to:
Grayling South 0117 910 6360 hsbcsouthwestwales@grayling.com
Chioma Dijeh-Lester 0738 724 77450 chioma.dijeh-lester@hsbc.com
Email: UKPressOffice@hsbc.co.uk
Notes to editors:
HSBC UK
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HSBC Holdings plc
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