Bglobal finds buyer for metering division
SMART meter technology firm Bglobal has sold its metering division to Scottish firm Energy Assets Group and plans to close two others parts of the business.
The sale follows a review of the businesses activities carried out by KPMG after founder and executive chairman Peter Kennedy was ousted by investors amid concerns over the AIM-listed firm’s strategy.
The business, based in Darwen near Blackburn, said Energy Assets has agreed to pay £2.3m for the division which had revenues of £7.4m and a £1.5m pre-tax loss in the year to March. The money will be used for working capital and to pay down debt.
BGlobal was also trying to sell BSmart Energy Solutions, which sold energy management services, and Nutech Training, which trained smart meter readers, but has now decided to close both after failing to find buyers. It did not say how many jobs would be lost. This will leave BGlobal with just its software arm, Utiligroup.
Chief executive Tim Jackson-Smith said: “I would like to thank all of the staff at BGlobal Metering for their hard work and commitment, particularly over the last six months, and am confident that they and the business will have a bright future as part of the Energy Assets Group.”
