Utiligroup agrees £5.5m funding line
RECENTLY-acquired energy sector software specialist Utiligroup has completed a £5.5m refinancing which will allow it to continue to invest in new products.
The Chorley-based firm, bought last month for £11.1m from listed parent Bglobal by Manchester private equity fund NorthEdge Capital has agreed a senior debt package with the acqusition finance team at Lloyds Bank commercial.
Utiligroup works with over 30 of the UK’s 40 plus energy companies, including four of ‘the Big Six’, and commands a significant share of the independent supplier market.
Its ‘supplier in a box’ product is aimed at new entrants to the energy market and reduces traditionally-high barriers to entry such as an electricity supply licence.
Chief executive Matthew Hirst said: “Investing in new technologies is the key to remaining at the forefront of the fast moving software industry.
“This new financing arrangement enables us to continue doing exactly that. With a solid foundation, we are well-placed to make the most of opportunities presented by the rapidly-growing business and residential energy sector.”
Neil Price, head of Lloyds’ acquisition finance team in the north, added: “We have been impressed by the ambition and credentials of the management team and, coupled with the recent investment from NorthEdge, Utiligroup is in great hands. The refinancing demonstrates our confidence in Utiligroup’s growth strategy and its proposition.”
