Wed, 10 Jul 2024 | BUSINESS NEWS
A power quality engineering firm has said it is considering building on its organic expansion by targeting acquisitions as it seeks to grow in the UK and internationally. Enspec, which was founded in 1999, provides services including power quality analysis, power system studies, site maintenance and renewable energy consultancy.
The firm also designs, manufactures and commissions products including power factor correction, harmonic filters and point-on-wave stitching. Its clients include energy generators such as solar farms, wind farms and hydro plants, as well as manufacturers and hospitals.
Enspec is based in St Helens and has a temporary office in Manchester, where it will open a new permanent base later this year, as well as a design and manufacturing site in Newcastle.
It currently employs 30 staff across its offices and expects to grow its headcount to between 40 and 50 by the end of 2024. Enspec forecasts revenues of £6 million for 2024 and £10 million for 2025.
Last year, the company underwent a management buyout (MBO) in which Chief Technology Officer Tim Rastall acquired 75 per cent of the business alongside his wife, CEO Mara Rastall. Tim Rastall has been at the company for ten years, having joined as an intern.
He commented: "Our growth has been organic and we will continue to further this during the remainder of 2024. We will then look more actively at acquisitions to expand our value chain and reduce time to market.”
Rastall continued: “After last year’s MBO Enspec reorganised the business, creating separate units for manufacturing, consulting and site services. The result has been significant growth in our customer base.”
"Our main focus now is the UK market but Enpec works with customers all over the world and we are in talks to expand into the US market with a potential partner."
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