Sheffield-based engineering firm Saphex set for growth after £150,000 investment

A Sheffield based engineering company, which is helping businesses recoup thousands of pounds in energy costs, is turning up the heat on its future growth plans after securing a £150,000 investment.
Michael Crossland
By Michael Crossland
Published 20th Apr 2023, 16:45 BST

Headquartered at Sheffield’s Century Park Industrial Estate, Saphex manufactures designs and repairs a range of industrial heat exchange units, which are used to help businesses regulate temperature during the manufacturing process.

Saphex has successfully secured a £150,000 investment, funded by Finance For Enterprise and NPIF – BEF & FFE Microfinance, which is managed by Finance For Enterprise and BEF and part of the Northern Powerhouse Investment Fund. The loans also utilise the Government backed Recovery Loan Scheme.

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Wayne Nelson, managing director at Saphex, said: “There remains a great deal of uncertainty surrounding energy prices, and this is having a devastating impact on businesses of all sizes.

Gurinder Mandir, senior business lending manager (right) with Finance For Enterprise with Luke Nelson, shareholder and manager at Saphex Heat Exchangers Ltd Sheffield. Picture by Paul David Drabble.Gurinder Mandir, senior business lending manager (right) with Finance For Enterprise with Luke Nelson, shareholder and manager at Saphex Heat Exchangers Ltd Sheffield. Picture by Paul David Drabble.
Gurinder Mandir, senior business lending manager (right) with Finance For Enterprise with Luke Nelson, shareholder and manager at Saphex Heat Exchangers Ltd Sheffield. Picture by Paul David Drabble.

"Energy intensive industries such as food production, chemical manufacturing and traditional heavy industries have been particularly hard hit, and we felt that the time was right to bring a product we’ve been working on for over 15 years to market.”

During trials of Saphex’s Clix system, the firm helped one business to make savings in excess of £280,000 over 12 months.

Saphex is now targeting six figure growth within the next 12 months and has embarked upon a three-year growth strategy, which aims to see the business double in size within three years.

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The funds will also be used to invest in new software, which will significantly reduce the amount of time taken to undertake the thermal calculations needed when designing heat recycling systems.

Mr Nelson added: “We feel confident that our new Clix system could play an important role, not only in helping businesses to save money on their energy costs, but also by playing a part in reducing the carbon footprint of British industry.”

Related topics:SheffieldGovernment