Fast-growing utilities firm acquired

A BIRMINGHAM utilities firm which has been growing quickly has been acquired by student broadband specialists CableCom.

Glide was founded in 2006 by Sandeep Krishan and James Villarreal while they were studying at Birmingham University. It had grown its turnover to £16m in 2015 – generating pre-tax profits of £720,000 – and expects to hit £20m this year. The value of the deal has not been disclosed.

Glide aims to make sharing bills simple for tenants and property businesses by delivering one monthly bill for all utilities and services. It has been included in the London Stock Exchange’s 1,000 Companies to Inspire Britain list as well as the Sunday Times Fast Track 100.

Glide employs nearly 70 people at Alpha Tower in Birmingham city centre.

Mr Villarreal, who will now join the CableCom board, said the acquisition had the potential to revolutionise the student and shared housing market.

He said: “This deal represents two massively complimentary companies coming together to create a new way for landlords and letting agents to manage their tenant’s bills.

“For Glide, having that extended reach into the student property market thanks to CableCom, will reinforce us as the market leader with a truly different proposition, helping us make students lives easier and bring down admin costs for landlords and letting agents.”

The deal will boost CableCom’s growth by widening their service offering and footprint in the UK’s house share market. Together the businesses will service more than 300,000 student homes.

Mark Burchfield, managing director of Somerset-based CableCom, added: “This acquisition means students can tap into a shared knowledge and expertise, making their life simple and allowing them to concentrate on the things that matter. It also allows landlords greater visibility of tenants’ bills.”

Cattaneo Corporate Finance, Irwin Mitchell and Parisi Tax advised the Glide shareholders on the sale. Osborne Clarke and Momentum acted as advisers to CableCom.