Peterborough’s McIntyre Electrical is first to secure £5m boost from Fund
An electrical installations company in Peterborough has secured a £5 million investment as it looks to grow its operations.
McIntyre Electrical, which employs 158 people, is the first company to receive support from the newly created Foresight East of England Fund.
The Fund has supported a ‘buy-in management buyout’ of the company.
It is the next step for further expansion for the 14-year-old company, based in Waterworks Lane, Glinton.
It is recognised as a leading provider of safety-critical fire and electrical inspection and maintenance services, primarily for housing associations.
Established by Joe McIntyre and John Clifford, it has enjoyed rapid growth and has seen revenues double since 2018 with clients nationwide.
As part of the investment, Martin Gammon and Jesse Holgate will join the Company as Chairman and Chief Financial Officer, respectively.
Mr Clifford will remain in the business together with Mr McIntyre’s daughter Sarah Salmon and her husband Chris Salmon.
Mr Gammon said “Joe, John, Sarah and Chris have done a tremendous job building McIntyre Electrical to the scale it is today.
“I’m excited to join as Chair and help continue to build on the company’s successes.”
Stephan Gueorguiev, Senior Investment Manager at Foresight, said: “We have been very impressed with the scale and national footprint McIntyre Electrical has been able to achieve while undergoing a period of rapid, profitable organic growth. We look forward to continue growing the business while delivering a high quality customer service.”
The £100 million Fund was created last year and is cornerstoned by the Cambridgeshire Pension Fund.
It aims to target long term value growth for investors and provide a permanent pool of capital to fund businesses in the region and beyond.
It forms part of the national investment company Foresight’s strategy focused on supporting SMEs and delivering value by addressing a gap in regional funding markets.
Foresight has just opened a new office in Station Road, Cambridge, supported by staff at offices in London, Nottingham, Manchester, Milton Keynes, Leicester and Edinburgh.
Paul Tysoe, Investment Manager, Cambridgeshire Pension Fund, said: “McIntyre Electrical is a great example of the type of established, local business that the Fund was set up to support.
“Having demonstrated consistent growth in recent years, we are looking forward to seeing this Peterborough-based company continue its growth with Foresight’s support.
“The completion of this investment is well timed with the opening of Foresight’s Cambridge office, which demonstrates Foresight’s long-term commitment to the region.”