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Investment Fund for Northern Ireland backs company committed to helping homeowners drive down emissions

Press release 09 September 2024

Photo of Refresh NI Finance Director Jack Peel with Mark Sterritt from British Business Bank and Neil McCabe from Whiterock standing outside next to a Refresh NI van

Whiterock facilitates £200k loan to help accelerate refresh NI’s growth.

An energy services business which prides itself on being a one-stop-shop helping homeowners reduce their carbon emissions has secured a £200,000 loan from the Investment Fund for Northern Ireland.

Facilitated by Whiterock, the deal will enable Refresh NI to accelerate growth plans and maintain the strong momentum the company has enjoyed since launching in 2021. In just three years it has gone from start-up to employing 35 people and having a turnover of around £4million.

Based in Belfast, Refresh NI is focused on providing homeowners and landlords across Northern Ireland with products and services they require to make their homes more energy efficient and to reduce their carbon footprint.

The range of energy efficiency services Refresh NI offer includes home insulation, gas boiler replacement and oil to gas conversion as well as solar PV and battery storage, air-source heat pumps, hybrid heat pumps, appliance servicing and installation of EV home chargers.

This additional investment will help us deliver our strategic growth plans and increase our capacity to deliver our range of energy efficiency services and help our customers reduce their carbon emissions.

We plan to invest in all areas of our business, from our engineers to our sales and marketing teams through to our IT systems with the aim of making our customers’ journey to our services even more transparent and efficient.

The process of applying to the fund and being approved was a smooth one and I would have no hesitation in recommending the Fund to other businesses who are on their own growth journey.

We met with Whiterock and we then submitted our detailed business plan to their investment committee for approval before they undertook a due diligence review of our business.

We have been really pleased with just how smooth the journey to this point has been and we are looking forward to using the investment to further grow our company. - Jack Peel Finance Director, Refresh NI

We have been greatly impressed by Refresh NI’s story so far and for the direction of travel they want to take their company.

They are providing a great service for people wanting to make their homes as energy efficient as possible and in line with their budget. As the journey to net zero accelerates we expect increased demand for their services.

At Whiterock we are excited about supporting ambitious and innovative businesses like Refresh NI.

Since the Investment Fund for Northern Ireland launched we have witnessed a number of excellent businesses from a variety of sectors come forward seeking support and we are delighted with the current pipeline of enquiries. - Neil McCabe Director, Whiterock

Refresh NI are not only growing an excellent business they are supplying services which can help transform Northern Ireland’s carbon emissions.

The residential sector is one of Northern Ireland’s largest contributors to greenhouse gas emissions, therefore, supporting businesses who can help homeowners reduce their carbon footprint is an excellent use of the fund.

Supporting a transition to a net zero economy is one of the British Business Bank’s objectives, its good to see this investment completed and we look forward to seeing the business grow. - Sue Barnard Senior Investment Manager, Nations and Regions Investment Funds, British Business Bank

The £70million fund offers a range of commercial finance options including debt finance and equity investment to support businesses from all sectors in Northern Ireland and at different growth stages.

Whiterock manages the debt fund, offering loans of £25,000 up to £2million while Clarendon Fund Managers provide equity stakes in smaller businesses up to £5million.

To find out more about the Investment Fund for Northern Ireland visit investmentfundnorthernireland.co.uk.

Further Information

If you are a journalist and have a media enquiry, please contact mediaenquiries@british-business-bank.co.uk.

Notes to editors

About the Investment Fund for Northern Ireland  

Operated by the British Business Bank, the Investment Fund for Northern Ireland (IFNI) provides a mix of debt and equity funding. IFNI will offer a range of commercial finance options with debt finance from £25k to £2m and equity investment up to £5 million. It works alongside the various support and funding organisations from across Northern Ireland as well as local intermediaries such as accountants, fund managers and banks, to support Northern Ireland’s smaller businesses at all stages of their development.

The funds in which the IFNI invests are open to businesses with material operations, or planning to open material operations, in all areas of Northern Ireland.

Supported by Nations and Regions Investments Limited, a subsidiary of British Business Bank plc, the Bank is a development bank wholly owned by HM Government. Neither Nations and Regions Investments Limited nor British Business Bank plc are authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA).

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