Inspired Energy splashes out £3.6m on double acquisition

Lancashire-based energy procurement specialist Inspired Energy has bought the assets of Manchester company Flexible Energy Management and North East firm Churchcom for a total of £3.6m.

FEML is a public sector energy procurement specialist, servicing a customer base comprising of NHS foundation trusts/hospitals and academic and sporting institutions, through two NHS sponsored OJEU frameworks. Inspired has bought the company for £2.2m.

Churchcom 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 benefits from a strong secured order book and strong retention rates and is a complementary addition to Kirkham-headquartered Inspired’s core corporate division.

The consideration is to be satisfied by a cash payment of £1.4m to the shareholders of Churchcom.
Janet Thornton, chief executive of AIM-listed 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 £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.”

Gateley has advised Inspired Energy.