Nu-Heat, a supplier of underfloor heating and renewable systems, has secured investment from new shareholders as part of a management buyout.
Operating for 25 years, the company has become a £15 million business and has been awarded the ServiceMark, with distinction, UK Customer Service Standard.
A management buy-out, led by Nu-Heat's managing director, David Roberts, with the backing of Bestport Capital, puts the company in a strong position to continue this growth, while focusing on delivering high quality products and technical support.
Directors Alison Troop, Adrian Troop and Andrew Grimsley have decided to retire.
Commenting on the buy-out, Mr Roberts said: "This investment marks our confidence in the underfloor heating market and the next chapter in our growth story. Above all, this will help us to continue to provide our customers with the best heating solution while providing our people with a bright future firmly anchored in the origins of the business.
"This transition enables founding directors, Alison, Adrian and Andrew, to begin the next chapter of their lives and everyone at Nu-Heat wants to say a big thank you to each of them and we wish them a long and happy retirement.”
Joining the Board, Ole Bettum from Bestport Capital added: "Nu-Heat is a fantastic company with a strong management team and an impressive track record in a growing market. We are delighted to be investing in Nu-Heat and we are excited about supporting the company's future ambitions for growth."
Pictured: David Roberts, Nu-Heat managing director (second from left), with Andrew Grimsley, Alison Troop and Adrian Troop.