Metering firm clocks up £8m to fund growth

ENERGY metering firm Lowri Beck has secured an £8m funding package from Yorkshire Bank in Manchester to hel fund its growth.

The Wigan-based firm, which offers meter reading and installation services to some of tyhe UK’s biggest energy firms, has grown its turnovber to £24.1m last year from £20.7m in 2009. It currently employs around 900 people serving both the commercial and domestic energy markets.

The firm’s chairman and managing director Bob Vernon said: “Our electricity meter installation side of the business continues to grow quickly and we are now busy developing our processes and systems to be able to carry out other installation services.

“Between 2010 and 2014 there will be approximately 20million gas meters and 25-27million electricity meters that will need replacing in the UK.

“This funding package from Yorkshire Bank will support our development of knowledge and people, ensuring we are well placed to maximise this growth opportunity.”

The money being provided is a mix of asset and invoice finance. Mark Preston, partner at Yorkshire Bank’s Manchester Financial Solutions Centre, said: “Lowri Beck is a solid performing business that is well positioned for growth with the requirement for new smart meter installations across the UK.

“We welcome the business as a new customer to Yorkshire Bank and look forward to supporting its plans for expansion.”

The company was advised on the funding deal by Cheadle-based law firm Clarke Nicklin.

Lowri Beck was set up in 1996 and was bought out by Vernon in 1999. He sold it to German-based Viterra Energy Services in 2000 and bought it back again two years later.

Turnover has grown from around £4million in 2004 to £24.1million last year.