Clementine going for green growth with NEL investment backing
Published: 9 March 2023
|By North East Fund
A North Tyneside trade services business is aiming to capitalise on growing demand for its environmental expertise after securing a six-figure investment from the North East Small Loan Fund Supported by The European Regional Development Fund.
Clementine Services provides repair, installation and maintenance services for homes, businesses and public sector organisations right across the North East.
Over the last year, it has begun to grow its presence in the green installations sector, installing increasing numbers of electric vehicle charging points, solar power panels, battery systems, and air and ground source heat pumps around the region.
And after working with regional fund management firm NEL Fund Managers to obtain the £100,000 investment, Clementine is now bringing in the additional resources it needs to capitalise on this growing demand.
Up to a dozen new jobs are expected to be created in the coming months as the business grows, with Clementine investing in new equipment and vehicles, upgrading its website and investing in additional business development work.
The company will continue to focus on the North East for now, but plans to expand outside the region as it scales up its operations and aims to eventually have a 50-strong team of installers in place.
Mark Black, managing director at Clementine Services, says: “The drive to reduce our collective impact on the environment has seen demand for green installations grow substantially, among both domestic and commercial customers.
“These green technologies allow people and businesses to be part of making a positive change to the way we all live, and we know there’s a lot more we can do in this area.
“We’re aiming to manage the speed of our expansion carefully, so that we provide a positive working environment for our team while also delivering the highest standard of work to our customers, and we’re confident that we can scale the business up to become a national operator in time.
“Having local access to investment capital is very important to growing regional businesses. NEL provided us with the right investment option and their excellent team helped make the process of securing the money smooth and quick.”
Mike Guellard, senior investment executive at NEL Fund Managers, added: “Clementine Services has a very clear proposition and the expertise needed to deliver the green installations that its clients are increasingly looking for.
“Sustainability is one of the North East Fund’s main investment priorities and we’re continuing to expand our portfolio of low carbon businesses across the region.”
Part of the £120m North East Fund and aimed predominantly at smaller SMEs, the £9m North East Small Loan Fund typically offers loans of between £10,000 and £100,000 to businesses in Tyne & Wear, Durham and Northumberland.
It is designed to assist with the creation of over 1,200 new regional jobs in more than 320 SMEs over the life of the fund.
The overarching £120m North East Fund will provide financial support for more than 600 businesses, creating around 2,500 jobs and delivering a legacy of up to £80m for further investment into the region.
NEL Fund Managers is also responsible for managing the £18m North East Growth Capital Fund, which offers unsecured investments of up to £500,000 to established businesses looking to realise their growth potential.
