Power Wholesale Ltd, the North-East based independent electrical materials distributor, is targeting trebling its turnover, as it expands its presence in the energy sector.
Having achieved sales of £13m from its five UK branches, the company aims to hit £30m turnover in the next five years. They plan to increase its activity across the 12 divisions of the company’s business portfolio.
Based in Dunston, Gateshead where it recently opened a new head office, the company is also aiming to increase its exports of specialist electrical products to sectors such as oil and gas, petrochemicals, offshore wind and renewables from £2m to £10m by 2026.
Originally founded in 1964 in Gateshead selling kitchen appliances, the family run business evolved over the next three decades through diversification to becoming an electrical wholesaler with a client base across the North of England.
It then expanded further to become one of the UKs leading specialist electrical material distributors to the trade, domestic, industrial, oil and gas, petrochemical and renewable energy sectors serving customers from its branches in Dunston, Cramlington, Teesside, Nottingham and Southampton.
The company, which is a member of energy sector business development organisation the EIC, also has plans to double its branch network in the next few years with a new ecommerce operation set to go live before the end of the year. This will include new technology and product lines such as EV charge points, smart home systems, solar panels and battery storage.
Working with the EIC, Power Wholesale is targeting increasing its presence in the industrial renewables sector to support supply chain companies operating in offshore wind, carbon capture and storage and hydrogen production.
Neil Cornish, managing director of Power Wholesale, said: “By continually evolving the business we have delivered continued growth, which we aim to maintain with our strategy to become more involved in the supply chain that is supporting the energy transition. With a growing branch network and increased export activity we are playing an active part in supporting the innovation within the sectors that will help deliver a low-carbon future.”
EIC CEO Stuart Broadley commented: “We are delighted to see EIC members continuing to survive and thrive in challenging market conditions. The energy landscape is constantly evolving, and it is a testament to supply chain companies like Power Wholesale who see this as an opportunity to further grow and diversify to become a company of the future.
“The EIC is proud to be able to support Power Wholesale’s ambitious revenue targets through our range of market intelligence databases and services, thought leadership and networking events, and profile-raising activities.”