Fylde utilities firm set for expansion after securing funding

St Annes based British Independent Utilities (BiU) has secured a new tranche of funding from Santander Corporate and Commercial.

The money will enable the team to continue its investment in new service lines and technology.

It will also allow it to optimise its business operations to enhance its position amid UK utility management consultancies, and help save its customers millions of pounds on their annual energy bills.

The consultancy expects the funding from Santander to help accelerate its organic growth and increase its market share from new business. In addition to the funding, BiU has also moved all its day-to-day banking and working capital finance across to Santander.

BiU, provides a range of solutions for corporations, from energy procurement, utility expense management, to energy reduction and efficiency, and compliance. Over a ten-year period, just through BiU’s Revenue Recovery Service, the firm has recovered more than £45m for customers in lost revenue through incorrect utility billing.

Michael Abbott, BiU chief executive, said: “Santander’s expertise in the UK energy sector was a considerable factor in our decision to switch banks. Their funding will enable us to help even more clients to better manage their energy usage, reducing businesses’ environment impact and crucially, saving them money at the same time.”

Phillip Roscoe, relationship director at Santander UK, said: “At a time when businesses are already faced with a number of challenges, rising energy prices have been another hurdle for them to overcome.

“BiU and its solutions have a proven track record in helping reduce energy costs for large businesses across the UK, and we’re thrilled to be supporting them in taking the next steps of growing their business.”

BiU was provided with funding advice by KPMG Debt Advisory.

Nick Dodd, head of debt advisory for KPMG in the UK, said: “The funding provided to BiU signals clear support from Santander for the energy consultancy sector and for BiU’s own growth ambitions.

“It also demonstrates liquidity within the northern funding market as we have seen lending activity remain resilient for the right quality of borrower.”