The company is featured for the first time in the Startups 100 annual index, which showcases the country’s top 100 disruptive startups.

Boiler Plan, based in Cramlington, Northumberland, was founded by qualified heating engineer Ian Henderson, who was inspired to fundamentally change the way heating domestic boilers are sold and installed.

The 2020 index of Disruptive UK Startups, run by Startups.co.uk, is designed to showcase those new businesses launched within the last five years that demonstrate innovation, solid financials, economic impact, and an ability to scale.

Its eighth-placed ranking is based upon a variety of factors, including finance raised, the previous year’s turnover and profit and projected turnover for the next financial year.

Boiler Plan recently attracted a £1m investment, comprising £600,000 from Maven VCTs and £400,000 from the North East Development Capital Fund, supported by the European Regional Development Fund and managed by Maven Capital Partners.

The funding will support its long-term growth strategy, which includes creating 40 new jobs over the next 12 months and increasing annual turnover to £30m.

Ian Henderson said: “It’s an honour to feature in the Startups 100 index, but to be ranked eighth is amazing when you consider the strength of the other businesses on the list.

“This not only reflects the innovative and responsive nature of the business but the hard work and dedication of our staff in delivering a high standard of customer service.”

At the heart of Boiler Plan’s business model is the recognition that many people are unable to afford the upfront cost of replacing an ageing or broken boiler – so it offers a range of affordable repayment plans through Barclays.

Its most popular option means the monthly repayment is offset by the energy savings delivered by a new generation of highly efficient boilers, making it a cost neutral purchase.

Boiler Plan, which also operates an office in Goole, Humberside, has already undergone a period of rapid expansion to cover almost 70 per cent of the UK. It is now focused on developing a nationwide presence in the market, growing sales, and expanding its growing maintenance and repairs service by building upon the success of its digital sales platform.

As well as its domestic customers, it also works with housing organisations and businesses as well as offering a one-off repair service together with a range of annual service plans.