The UK's largest electrical contractor serving the new-build housing market has acquired a majority share in a solar electricity power installer.

Gloucester-based Clarkson Evans secured funding from HSBC UK earlier this year to undergo a management buyout.

The bank funding has now also enabled the company to acquire a majority share in solar photovoltaic (PV) installer firm, Futurelec, which will be rebranding to Clarkson Evans Solar.

Futurelec, which also specialises in installations for new homes, and Clarkson Evans have been working closely together to fulfil contracts with customers nationwide over the last few months, as demand has continued to increase.

Lindsey Young, CEO of Clarkson Evans, said: "The deal with Futurelec is a significant step forward in our growth strategy as a business, which is focused on diversifying into renewable technologies, whilst maintaining our market share for wiring new homes nationwide.

"Clarkson Evans shares many parallels with Futurelec, including our commitment to high quality, strong customer service and investment in training apprentices, so it seemed a natural move to cement our partnership."

The new Clarkson Evans Solar division will be overseen by Futurelec's former managing director, Lee Chadwick, who brings nearly 15 years' experience delivering solar PV projects. The division will work on commercial projects, as well as new-build homes.

James Shepherd, head of corporate banking, South West at HSBC UK, said: "We're delighted our financial support has helped the new Clarkson Evans team in their growth journey. There is huge demand for greener homes and renewable technologies in the construction sector, so we look forward to continuing to see the business flourish."

Clarkson Evans was established in 1981 and, following the acquisition, now employs 925 people.