Inspired Energy completes acquisitions

INSPIRED Energy, the Preston company which provides energy procurement services to business, has completed the acquisition of two small energy consultancies to boost its SME division.

It is buying Worcester-based Simply Business Energy Limited and KWH Consulting.

It said the two businesses complement its EnergiSave division which provides SMEs with energy contracts from a variety of suppliers.

Inspired Energy expects the acquisitions to be earnings neutral in the first full year post-acquisition, and earnings enhancing thereafter.

The business is paying £300,000 in cash for KWH and issuing two million shares in exchange for SBE, worth around £300,000 at yesterday’s closing price of 15.4p. A further £300,000 of shares is on offer if the business hits performance targets. Management has also been offered options on five million shares.

Managing director Janet Thornton said: “Following the initial rapid growth we experienced with the launch of EnergiSave in mid 2013, this new business stream has delivered strongly for the business and we are delighted to have further strengthened our service offering for our growing SME customer base. These acquisitions complement the strong platform we have established this year and we looking forward to integrating their teams into the Inspired Group.”