Gloucester electrical contractor Clarkson Evans enhances solar power offering with HSBC funding

By Peter Davison

26 October 2022

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The UK’s largest electrical contractor serving the new-build housing market, Clarkson Evans, has acquired a majority share in a solar electricity power installer with the support of HSBC UK.

Gloucester-headquartered Clarkson Evans secured funding from HSBC UK earlier this year to undergo a management buyout. The bank funding has now also enabled the company to acquire a majority share in solar photovoltaic (PV) installer firm, Futurelec, which will be rebranding to Clarkson Evans Solar.

Futurelec, which also specialises in installations for new homes, and Clarkson Evans have been working closely together to fulfil contracts with customers nationwide over the last few months as demand has continued to increase.

Lindsey Young, CEO at Clarkson Evans, said: “The deal with Futurelec is a significant step forward in our growth strategy as a business, which is focused on diversifying into renewable technologies whilst maintaining our market share for wiring new homes nationwide. Clarkson Evans shares many parallels with Futurelec, including our commitment to high quality, strong customer service and investment in training apprentices, so it seemed a natural move to cement our partnership.”

“The funding from HSBC UK has allowed us to make this acquisition possible, so we’re grateful for the long-standing support from the bank and our relationship manager, Mark Wilton.”

The new Clarkson Evans Solar division will be overseen by Futurelec’s former Managing Director, Lee Chadwick, who brings nearly 15 years’ experience delivering solar PV projects, and the division will work on commercial projects as well as new- build homes.

James Shepherd, Head of Corporate Banking, South West at HSBC UK, added: “We’re delighted our financial support has helped the new Clarkson Evans team in their growth journey. There is huge demand for greener homes and renewable technologies in the construction sector so we look forward to continuing to see the business flourish.”

Clarkson Evans was established in 1981 and, following the acquisition, now employs 925 people.

By Peter Davison

Peter Davison is deputy editor of The Business Magazine. He has spent his life in journalism – doing work experience in newsrooms in and around Bristol while still at school, and landing his first job on a local newspaper aged 19. By 28 he was the youngest newspaper editor in the country.

An early advocate of online news, he spent the first years of the 2000s telling his bosses that the internet posed both the biggest opportunity and greatest threat to the newspaper industry and the art of journalism. He was right on both counts.

Since 2006 he has enjoyed a career as a freelance journalist. He lives in rural Wiltshire with one wife, two children, and three cats.