THE Edinburgh Boiler Company (EBC) has announced it is targeting growth by acquisition as the firm prepares for the next stage of expansion.
EBC revealed it is on track to post a record turnover of £10 million for its latest set of accounts, with the transition into renewables underpinning another strong financial performance.
Bosses are now laying the foundations for the coming 12 months – and a £20 million turnover target.
“We are ahead of budget as we come towards the end of our current financial year,” said Dougie Bell, who is approaching his second anniversary as MD after Mark Glasgow stepped into the role of chairman in January 2024. “We are going to hit our target of £10 million, which we always felt was realistic given how well the business moved into the renewable energy space. That is credit to all the staff and the great team here but no one is sitting around and patting themselves on the back.
“We have big plans for the future and want to move as fast as possible and have identified that growth by acquisition is the path forward for us. This isn’t some pie-in-the-sky idea that we are talking about – it is a strategic plan for the business which we are ready to execute.”
Mark Glasgow added that moving to the role of chairman has helped him focus on driving forward the business, which he set up 10 years ago in a shed in his garden.
“When I set out on this journey with EBC, I had a clear plan at the start that good customer service and making boilers easy were the priorities,” he explained. “We have continually reinvested in the business from day one, whether that was the people, brand, systems or processes. It has helped take us to where we are now. We moved from turning over £4.6 million to £7.2 million and now it will be £10 million.
“The 2045 net zero targets set by the Scottish Government presented an opportunity for us to grasp and we quickly established ourselves as the No. 1 installer in renewables in our area. Stepping up to become chairman has allowed me to have a different perspective of the company and think about things more clearly. The intention is to keep growing – and quickly. We are not people who can sit still and have identified this as the best way for us to grow at the speed we want.”
EBC is initially looking at companies currently in the £2m-£8m region.
Mark Glasgow added, “We will have discussions with any motivated sellers but they have to be the right fit for us. The aggressive expansion strategy is part of a wider plan to grow the business across Scotland.”
