Lancashire-based Inspired Energy has continued its expansion by completing the acquisition of Wholesale Power UK Limited, an energy procurement consultant.
The Kirkham-based group has paid an initial consideration of £2million in cash and shares, with a deferred consideration of £750,000.
Inspired Energy said the move “ further enhances its service offering to its core Corporate customers, as well as providing the Group with entry into new industry sectors, including leisure and logistics.”
WPUK is an energy procurement consultant based in Blackpool, which delivers integrated energy solutions to UK corporates.
The team at WPUK comprises of experienced engineers and analysts who will complement Inspired’s market leading Risk Management team.
In the year ended 31 October 2014, WPUK delivered revenues of £860, 0000 and profit before tax of £360,000.
Inspired Energy plc is an energy procurement and management business which was founded in 2000 by CEO Janet Thornton.
She said: “Inspired continues to go from strength to strength, ensuring we continue to deliver best advice to customers.
“We are delighted to conclude the acquisition of WPUK, which increases the breadth of our target customer base, further enhances our sector specialism and expands our service offering for our Corporate customers.
“ We look forward to working closely with the knowledgeable team of WPUK and welcoming them into our Corporate division as we seek to further develop our position as a market leader,” she added.