Inspired Energy snaps up Lancashire rival
LANCASHIRE-based energy procurement consultant Inspired Energy has completed the acquisition of Wholesale Power UK Ltd for an initial consideration of £2m.
Kirkham company Inspired says the move further enhances its service offering to its core corporate customers as well as providing the group with entry in new service sectors, including leisure and logistics with its order book now exceeding £20m.
WPUK is an energy procurement consultant based in Blackpool which delivers integrated energy solutions to UK corporates. Its team comprises of experienced engineers and analysts who will complement Inspired’s Risk Management team.
In the year ended October 31 2014, WPUK delivered revenues of £0.8m and profit before tax of £0.36m. As at April 302015, the contracted order book stood at about.£4.20m supported by strong historic client retention rates, underpinning stable revenue growth.
The deal comprises an initial consideration of £2m, to be satisfied by a cash payment of £1.5m and the issue of 4,640,372 new ordinary shares in the capital of Inspired Energy. The shares will be subject to a 12 month lock-in and orderly market provisions for a further 12 months from the date of issue.
A further contingent consideration of up to £0.75 million may be payable, in cash, subject to the achievement of certain financial performance criteria for the financial years ending October 31 2016 and October 31 2017.
Inspired chief executive Janet Thornton 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 highly experienced and knowledgeable team of WPUK and welcoming them into our Corporate division as we seek to further develop our position as a market leader.”
