Based in Ashton-under-Lyne, Greater Manchester, Therm Tech manufacture state-of-the art energy saving solutions for a range of commercial and industrial uses. These include the provision of heat recovery and recycling systems through to industrial super-sized heaters and activated carbon technology.
A provider of enterprise units, business support programmes, recruitment services and employability initiatives, Workspace already owns Northern Ireland’s largest home insulation provider Homeseal and energy efficient lighting firm Environment 2000. Last year, the group pledged to almost double its annual sales from £7.6 million in 2010 to £14 million within the next four years.
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Launching its four-year plan in November last year, the Draperstown-based group said it was seeking to raise its game locally, nationally and internationally with an increasing focus on growing sales through both organic growth and business acquisition.
Workspace Chief Executive Brian Murray said the decision to acquire Therm Tech was a relatively straightforward one: "Therm Tech Limited is an already well-established business with an established customer base, a strong focus on its customers' needs and an excellent reputation. This acquisition is a perfect fit for our growth strategy as it extends our capabilities and expertise in energy efficiency.
"Finding the right acquisition to complement our existing business has been a top priority for us and we're delighted that this deal marks a significant milestone for further growth in 2012."
Workspace Group chairman, Michael McAllister, added: "We're really delighted to welcome Therm Tech and its hard-working team to The Workspace Group of companies. I believe that by leveraging our combined strengths to focus on emerging market opportunities, we will all be in a better position to make great headway in the years ahead, as we expand our offering and lock in growth for the future."
Set up to stimulate social and economic regeneration in the Magherafelt area, The Workspace Group employs 117 people at five locations in Mid-Ulster, as well as from offices in Donegal and Wales. Its green energy subsidiary, Environment 2000, was recently awarded a contract to retrofit its energy efficient lighting system on part of Glasgow's underground system.
(CD/GK)
