Musselburgh-based water and waste water services provider Brightwater has secured £350K in private external investment.
The equity-based finance will be used to support the company’s growth strategy as it continues to increase its share of Scotland’s £350m retail water marketplace. Brightwater plans to make initial investments into growing its team and further developing its package of customer-focused support services.
Securing this round of equity-backed private investment really underlines the strength of our business proposition and the high level of confidence from investors as we continue to build our customer base
Founded by serial entrepreneur Roger Green and digital marketing specialist Rich Rankin, Brightwater began trading in May 2016. Last year the company announced it had exceeded £3m in managed contracts. Its Chairman is former Capita Chief Executive Steve Langmead, an experienced business leader who is also an existing non-executive director at IT firm Commsworld and a board member of both the National Trust for Scotland and YoungScot.
Brightwater’s business model is based on supporting Scottish businesses through competitive pricing, efficiency optimisation and outstanding customer service. In its first three years it has delivered over £1m in cost savings for its customers. The company’s Small Business Charter underlines its customer commitment by setting out a number of clear service pledges including easy switching from other suppliers, advice on water efficiency, water audits, bill validation and rebates.
Rich Rankin, Brightwater’s Managing Director, said: “Securing this round of equity-backed private investment really underlines the strength of our business proposition and the high level of confidence from investors as we continue to build our customer base.
“These funds enable us to strengthen the balance sheet, develop our IT systems and bring in additional expertise into the business with plans to recruit operations as well as sales and marketing professionals. We will also invest to further enhance our customer support offering as we strive to become Scotland’s leading retail water service provider.”
Brightwater Chairman Steve Langmead said: “This additional investment helps ensure a promising future for Brightwater. As we near our third full year of trading, we expect to announce further significant growth in contract revenues as we’ve continued to build our customer base by delivering value, reducing their costs and providing excellent service.”
Media Release: 16.05.19
- Scotsman: East Lothian water firm rides crest of a wave with funding deal
- Daily Business: Brightwater secures finance to grow market share
- Scottish Financial News: Brightwater secures wave of investment to drive future growth
- Edinburgh Chamber: Brightwater secures wave of investment to drive future growth
- Midlothian Chamber: Brightwater secures wave of investment to drive future growth