North East home heating company to create 50 new jobs following investment
A home services repair company has announced plans to create new jobs and deliver a merger and acquisition strategy with a new cash injection.
Pacifica Group, which employs more than 700 people in the North East to conduct domestic appliance repairs and heating, insulation and renewables services, has received a financial package from HSBC UK which it will use to create 50 new jobs in coming years to satisfy the demand for its services.
The investment will also be used to progress the company’s mergers and acquisitions strategy, with it having achieved record revenue levels since the easing of the lockdown restrictions.
It completed a management buyout in March 2019 and is now projecting a turnover of over £80m in 2021.
The group comprises Pacifica Home Services, Pacifica Appliance Services and UK Warranty, works on behalf of blue-chip clients such as Electrolux, Argos, Vestel, British Gas, Homeserve and Eon, and handles in excess of 8,500 jobs.
Kevin Brown, Pacifica Group CEO, said: “The business performed remarkably over the past 12 months during a challenging period. We have seen record revenue levels in the months following the easing of lockdown restrictions, and trading has remained at record levels this year.
“With HSBC UK’s support the business has continued to invest in its people and infrastructure, enabling us to make two acquisitions last year as well as pick up a number of new clients that have seen the value in our resilience and ambition.”
Michael Norden, Pacifica Group CFO, said: “The appliance repair market has strong prospects, particularly led by the environmental commitment of the government and manufacturers to keep white goods in operation for longer and we are well positioned to support this process.
“We are continuing to invest in our operations and our workforce to ensure we can continue to deliver the best service to our prestigious client base.”
Ben Foster, relationship director at HSBC UK, added: “We’re been happy to see Pacifica Group navigate through the pandemic over what has been a challenging year.
“The business has a strong track record of growth and we look forward to seeing it achieve its ambitious goals in the months ahead.”
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