Panoramic Growth Equity
Region: North West
Location: Preston, Lancashire
Programme: Enterprise Capital Funds
Solfex Ltd, established in 2006 by Stuart and Susan Cooper, is the UK’s leading specialist integrator and distributor of renewable energy systems focusing on Solar Thermal & Photovoltaic Power, Heat Pumps & Under Floor heating.
Solfex wanted to take on finance to enable them to grow the infrastructure of their business. But it was more than just finance – they wanted to partner with an investor that would bring them additional experience and strategic guidance, as well as access to their network of contacts. That is why they approached Panoramic Growth Equity and the British Business Bank’s Enterprise Capital Funds programme.
Solfex came across Panoramic Growth Equity via a mutual contact, and immediately felt that they were the right fit for them.
In September 2011, Panoramic invested £1.25 million in the business. Just 15 months later, Solfex was listed as the UK’s 5th fastest growing private company in the annual Sunday Times Virgin Fast Track 100. With the backing from Panoramic via the British Business Bank’s Enterprise Capital Funds Programme, Solfex saw its profitability increase substantially and turnover grew from £5 million to £22 million in 2 years. The business broadened its product range and service offering and tripled headcount from five to fifteen employees over the same period, and was subsequently sold to the Travis Perkins Group in January 2013.
Stuart Cooper, managing director and founder of Solfex commented:
“Securing the funding through the British Business Bank’s Enterprise Capital Funds programme proved to be an excellent result for us, providing us with the financial backing and business expertise that has enabled the business to achieve substantial growth, tripling the size of our team and significantly increasing revenues. It also enabled us to become part of one of the UK’s largest listed building companies.”
Malcolm Kpedepko, Investment Partner at Panoramic, explains Solfex’s incredible journey: