GLENROTHES-based Sips Eco has detailed its plans to invest in the future of affordable housing in Scotland.
The structural insulated panels (SIP) manufacturer employs 40 staff, having ‘significantly’ increased its headcount in the past year – and plans to double this number within the next two years.
The business has invested heavily in the past 18 months throughout the Covid-19 pandemic, with shareholders funding £960,000 in capital equipment, with some additional assistance from Business Loans Scotland (BLS) and grant funding through the Regional Selective Assistance (RSA) Fund.
Over the next two years, Sips Eco plans to invest a further £1 million in additional capital equipment and facility expansion, creating jobs and to support what it called Scotland’s ‘pressing need’ for low carbon, high quality affordable homes.
This investment is a result of the Scottish Government’s 2045 net zero carbon target. Sips Eco explained that the growing demand for affordable homes in Scotland means that developers, local authorities and housing trusts must put increased emphasis on speed of build, energy efficiency and the environmental impact of new housing schemes.
The company added that its structural insulated panel system provides all the benefits that have been ‘so lacking’ with traditional building methods.
The inherent nature of the system is described as ‘exceptionally strong, airtight and up to 60% quicker to build’ with its insulation being zero rated for ODP (Ozone Depletion Potential) and GWP (Global Warming Potential).
Pat Queen, MD of Sips Eco Panels, said, “The business is growing, our continued investment in facility expansion and state-of-the-art equipment is ensuring we meet the rapidly increasing demand to tackle the housing crisis effectively. As local authorities and developers know, the need for affordable energy efficient housing has never been greater and as a result we are securing more and more business across the UK.
“We currently employ 40 staff and in line with our continued investment strategy that figure will double over the next two years whilst more than doubling our turnover. We were proud to be recognised as the best sips supplier in the UK last year by our industry and continue to build on our solid foundations.”