British Gas buys Hillserve for £5m

HILLSERVE, a Bredbury-based insulation business, has been bought by British Gas for £5m.

Hillserve, which employs 159 people, completed around 40,000 insulation installations across the North West and Wales last year.

British Gas said the deal will allow it to speed up the roll-out of its new insulation service, and help it cut client’s energy use. 

It has bought the company for £5m cash plus an adjustment for net cash within the business of around £1.3m.

Julie Hadfield, managing director of Hillserve, said: “This is a great result for Hillserve, and is testament to the hard work and skill of all our people.  It’s great news for our customers as well as our staff who will be part of one of Britain’s most successful companies.

“Hillserve was founded by my dad, Harry Hearsum, 25 years ago this week.  We look forward to the next 25 years and beyond as part of British Gas.”

British Gas said its insulation business will employ 1,100 people n the next 18 months, as demand for home insulation is forecast to rise significantly in the next five years.

Currently, £1 in every £4 spent on domestic energy is wasted because of poor insulation and spending on home insulation is predicted to rise from around £0.6bn a year in 2010 to £1.4bn in 2015, according to the company.

Phil Bentley, managing director, British Gas, said: “At British Gas, we are building the country’s leading insulation business, reducing household carbon emissions, and helping our customers lower their energy bills.

“The insulation market is growing, and insulating homes is the cheapest way to reduce energy bills.  Hillserve Ltd, like British Gas, has a real passion for great customer service, and we are delighted to have secured the skills of the Hillserve team.”