Fylde energy specialist in double swoop
Fylde energy procurement company Inspired has swooped once again to broaden its customer base.
The Kirkham-based company has snapped up Manchester firm Flexible Energy Management and North East company Churchcom in a double deal worth Â£3.6m.
The move has enlarged the Inspired Energy Group’s ‘procurement corporate order Book’ to Â£30.9m.
The company said the deals were funded from existing financial resources, with funding provided by an extension to the Group’s existing Â£3.5m acquisition facility with Santander to Â£5.1m.
FEM, bought for Â£2.2m, is a public sector energy procurement specialist, servicing a customer base comprising of NHS foundation trusts/hospitals and academic and sporting institutions, involved in two important NHS sponsored OJEU frameworks. It was spun out of the NHS as a private business and for the year ended March 31, 2016, delivered revenues of Â£0.65m.
Churchcom, based in Peterlee, County Durham, ought for Â£1.4m, is an energy procurement consultancy operating through two principal divisions, the Church Energy Purchasing Group, which specialises in serving the church sector, and Energy Partners, a growing commercial energy procurement business.
It’s founders are set to retire after the sale. For the year ending January 31 this year it had revenues of Â£0.64m. The company said It benefits from a strong secured order book and strong retention rates and is a complementary addition to Inspired’s core corporate division.
Janet Thornton, founder and CEO of Inspired Energy said: “We are delighted to conclude the acquisition of Flexible Energy Management and Churchcom, which are highly complementary additions to the Group’s core corporate division.
“These acquisitions broaden our customer base, further enhance our sector specialisms and increase our geographical spread. Following the transactions, the enlarged Group’s“Procurement Corporate Order Book now exceeds Â£30m, which represents another milestone for the Group and gives us great revenue certainty for the short and medium term.
“We look forward to working closely with the highly experienced and knowledgeable teams of both businesses and welcoming them into our core Corporate Division as we continue to further advance our position as a market leader.”
In September 2016 Inspired bought Informed Business Solutions and the year before it bought Wholesale Power UK and STC Energy and Carbon Holdings.