Inspired Energy to float next week
INSPIRED Energy, the Lancashire-based energy procurement and management business, is set to become the first and only North West company to achieve a stock market float this year when it makes its market debut on Monday.
The 10 year-old company should achieve a listing on the Alternative Investment Market through a reverse takeover of Finemore Energy – a cash shell set up in May by Mike Fletcher and David Foreman – both of whom had previously worked in the Manchester office of investment bank, Altium.
Inspired Energy was set up in 2000 by Janet Thornton and it manages more than 3.5TWh of electricity and gas supply contracts for around 460 customers including engineering companies Bombardier, Mono Pumps and Newby Foundries Group.
The listing is likely to give the company a market capitalisation of £10.6m.
The company has been advised on the flotation by the Manchester office of law firm Gateley.
Corporate partner Paul Jefferson said: “In the current climate, very few IPOs are taking place, due in large part to the turbulent state of the equity markets, so it’s quite an achievement for everyone involved.
“Getting this deal over the line is testament to the strength and ability of Janet and Matt Thornton and the team at Inspired.”
Inspired Energy has received institutional backing from a number of high-profile fund managers, including ISIS Equity Partners and Octopus Investments. Shore Capital is acting as the nominated adviser and broker to Inspired Energy and Grant Thornton is also advising.
