Based at the No 4 St Paul’s Square in the city centre Gas Tag supplies an electronic tag to housing providers that ensures all gas safety work is up to date and carried out by qualified engineers. Tony McDonough reports
Liverpool gas safety technology firm Gas Tag is now valued at £20m after securing a multi-million pound private equity investment.
Founded in 2015 by entrepreneurs, Paul Durose and Stephen Ullathorne, Gas Tag supplies an electronic tag to landlords, housing associations and local authorities that ensures all work is up to date and carried out by registered gas engineers.
The firm, which is based at No 4 St Paul’s Square in Liverpool city centre, has already secured contracts with housing providers both in Merseyside and in other parts of the UK.
Now the investment from private equity house Waterland will allow Gas Tag to ramp up its expansion both in the UK and overseas. In return for the investment, Waterland will gain a minority stake and two of its senior team will join the Gas Tag board.
Stephen Ullathorne said: “The Waterland investment will be transformational for Gas Tag. The funding and support of their experienced team will enable us to rapidly accelerate the growth of the business in the UK and internationally.
“We didn’t just want an investor, we wanted a partner and Waterland stood out as the perfect fit with our ambitions.”
As soon as a physical Gas Tag is installed on the gas outlet in a property, the software platform tracks and records all of the property’s gas appliances and any gas works carried out at the property – and can only be used by qualified Gas Safe registered engineers.
Since launching earlier this year, Gas Tag has won the backing of a number of MPs and industry figures, who believe the company’s technology can bring about a revolution in gas safety.
Gas Tag’s headquarters at No 4 St Paul’s Square has become a recognised hotbed for entrepreneurship and innovation and is also home the Santander small business incubator.
Neil Kirkham of CBRE, joint agents at the building along with Worthington Owen, said: “Companies need the right environment for their staff to thrive in and they need first-rate digital connectivity and a collaborative environment with like-minded businesses. 4 St Paul’s offers all that.”
Waterland UK’s managing director, Andy Scaife, and senior investment manager Ryan Hallworth, will join the board of Gas Tag. Mr Scaife said: “Gas Tag is a hugely exciting and innovative company, exactly the kind of business Waterland looks to invest in.
“As soon as we met with Paul and Stephen and saw the impact Gas Tag was making in the industry, we knew it was an investment we wanted to make.”