Turning Point: From Office Rentals to Solar Power Success

Steve Baker, 53, has successfully led several of the UK’s fastest-growing businesses, as recognized by The Sunday Times. The MLS Group, known for its serviced offices across the UK, appeared in the rankings in 2005, and ten years later, Ventia, a London-centric company in the same industry, also made the list. Most recently, his company Eden Sustainable, an installer of solar energy systems, has been featured in the Sunday Times 100 since 2022, boasting revenues of £13.5 million last year and an impressive annual sales growth rate of 123% over three years.

What drives Baker to continuously embark on new business ventures? Has he ever considered stepping back? “I’ve always enjoyed growing businesses—the thrill and the tension, the joy and the challenges,” he explained from his residence in Croyde, North Devon. His attempt to slow down came 16 years ago when he moved to Devon with his family, aiming to escape the “rat race” after MLS faced a downturn during the financial crisis of 2008.

“MLS was a typical debt-backed business of the 2000s,” Baker recalled. Owned by entrepreneur Paul Williams, the star of Channel 4’s The Secret Millionaire, Baker served as the UK managing director when the bank withdrew its overdraft, leading to MLS’s administration. Many tenants were left stranded, needing to find alternative spaces.

Despite other serviced-office companies acquiring most of MLS’s centres, Baker walked away empty-handed, prompting his relocation to Devon. He maintained a friendship with Williams despite the circumstances.

Baker’s next venture started uniquely. He and his wife Susannah, alongside friends Tracey and Richard Elliott, purchased Pickwell Manor—a deteriorating manor in Croyde—and began its renovation to create holiday flats and a wedding venue.

“We were close friends, and godparents to each other’s children. We were at a stage in life when we were all working hard and feeling exhausted, seeking change,” Baker shared.

However, realizing the renovation costs were higher than initial estimates, Baker felt he could best contribute by starting a new serviced-office business in London. Thus, in 2009, he launched Ventia with Dan Wheble, deliberately avoiding debt. They began by securing management agreements with landlords and paid their staff from revenues. Within 18 months, they managed five or six business centres in London and started signing leases only when financially feasible.

Though initially tough due to the financial crisis, landlords eager to fill empty properties offered shorter contracts and smaller deposits. “By thriving during the recession, we set the stage for rapid growth once the market recovered,” said Baker.

In 2015, Baker and Wheble sold Ventia to The Boutique Workplace Company for £14 million, with Wheble staying on as managing director.

Meanwhile, inspired by the desire to make a positive impact, Baker and his partners at Pickwell Manor established a foundation focused on climate change and helping vulnerable groups, such as refugees and domestic violence victims. They also aimed to address their businesses’ carbon footprints, leading to a £2 million investment in solar power projects.

“We decided to turn it into a business—thus, Eden was born,” Baker explained. Founded in 2014 alongside renewable energy veteran Scott Burrows, Eden counts companies like David Lloyd gyms and Domino’s Pizza among its clients.

Initially, Eden Sustainable’s growth was slow. The market conditions shifted only when energy prices surged post-pandemic and the Ukraine conflict began. “When energy costs rose, the economic benefits of on-site solar power became clear,” said Baker.

About half of Eden’s clients purchase the solar equipment outright, while the other half opt for 25-year power-purchase agreements (PPAs), paying a set fee to cover the cost of solar panel installation. Eden utilizes a £75 million private debt fund from Thrive Renewables to finance these projects.

Baker has welcomed the government’s pledge to end fossil fuel electricity generation by 2030: “We’re optimistic about the clear goals for the industry in the next five years.”

Despite this optimism, Eden plans to focus on profitability over rapid growth, expecting revenues of £16.6 million by the end of October and an Ebitda of £220,000. They are considering raising capital to support future expansion, aiming for a potential sale in about five years.

Baker and his partners are also contemplating selling Pickwell Manor to concentrate on their foundation and a social housing business, Homemade, which provides housing for refugees and vulnerable individuals in southwest England.

“As a vicar’s son, and with my wife’s Baptist background, coupled with Tracey and Richard’s shared values, our sense of purpose has always kept us cohesive,” said Baker.

High Five

My hero: Patagonia founder Yvon Chouinard, whose book Let My People Go Surfing: The Education of a Reluctant Businessman inspires with its story of longevity and principled business roots.

My best decision: Leaving MLS and relocating to Devon, though daunting at the time. Personally, choosing my wife Susannah as my life partner tops the list.

My worst decision: Hastily entering joint ventures without adequate due diligence, often proving entrepreneurs need to balance instinct with caution.

Funniest moment: A co-director and I tried to storm out of a tough meeting but mistakenly opened a cupboard door instead, having to back out sheepishly before exiting through the correct door.

Best business tip: Surround yourself with trusted, capable people. Attempting to manage everything alone can lead to undue stress. Two or three good allies make a tremendous difference.