FDG Group taps funding from White Oak to accelerate UK renewables business
31 August 2021
-FDG Group has accessed a £237,000 loan from White Oak to expand its business by providing a solution to the rising energy bills caused by increased remote working
-Nottingham-based renewable energy business FDG Group has navigated the challenges posed by Covid-19 and was able to grow
26 August 2021: Family-run renewable energy business FDG Group has experienced rapid growth despite the challenges of the pandemic. Based in Nottingham, the business has now accessed funding to enable the business to offer a solution to the rising household energy bills caused by the growth in remote working during the pandemic.
Before Covid-19 hit, FDG Group was thriving, with its heating and solar installation teams fully booked for the coming six months for the first time in the company’s history, riding the wave of rising global demand for renewable energy. However, as the UK entered its first lockdown, this all changed dramatically with the company losing 95% of its sales in a matter of weeks and left fighting for survival, despite the quality of its team and offering.
Thanks to a partnership with independent business lender White Oak, FDG Group has accessed a loan amounting to £237,000. The loan has already been critical in allowing FDG to take on a substantial commercial project in London. This represents a critical turning point for the business during the during the first Covid-19 lockdown.
As the pandemic has persisted, remote working has become the norm for thousands of people, and this has caused energy bills to skyrocket. FDG Group has able to provide people the chance to not only reduce their energy bills but also decrease their impact on the environment. With the support of the loan, FDG has been able to weather the difficulties of the pandemic and actually grow their business sufficiently to require a move to larger offices.
Stephen Allan, Director of FDG Group, said:
“The CBILS loan White Oak provided enabled us to stabilise the business and propelled us into action. In mid-2021, we are still dealing with unexpected consequences of Covid-19 and if it wasn’t for White Oak’s support, we would not be in a position to navigate the challenges we are currently facing. The service we received from White Oak was brilliant – they were quick to help and provided us with great advice.”
Andy Davies, Managing Director of White Oak Leases & Loans, said:
“We are delighted to have supported FDG Group during the pandemic. Small businesses such as theirs will play a vital role in the UK’S economic recovery, and we look forward to supporting these businesses as they grow. More widely, we as a global firm have an established track record of impact-oriented lending and are proud to partner with businesses such as FDG Group who are contributing to a reduction in the UK’s carbon footprint. In the long term, the UK’s renewable energy industry will be vital to achieving the government’s 2050 carbon net zero target and we look forward to working with businesses across this sector.”