Wickes expands with 51% stake in solar installation firm
Wickes Group has revealed today its agreement to acquire 51% of the issued share capital of West Yorkshire’s Gas Fast, the parent company of Solar Fast, a solar installations company.
The acquisition will allow Wickes to broaden its product range into the home energy solutions market.
Initially, this will include solar panels and gas boilers, with plans to incorporate air-source heat pumps and additional services over time.
The group will pay £5.1m as a minimum payment for the 51% equity stake, with the balance slated for payment in early 2025, funded from existing cash reserves.
Solar Fast, based in Castleford, has completed over 3,700 solar projects in homes over 2022 and 2023, generating revenue of £33.1m in the year to April 2023.
While the solar market saw a surge in demand during the energy crisis of 2022/2023, there is expected to be a temporary slowdown in 2024 before growth resumes.
Wickes has the option to buy the remaining 49% of the business within five years after the deal.
It can purchase shares in portions of at least 10% and will use a pre-set formula to determine the price based on the business’s earnings.
David Draper, founder and CEO of the business, will keep leading its growth with Wickes’ support, working together to bring Solar Fast products to Wickes’ stores and online platforms.
He said: “This is tremendous news for Solar Fast. We’re a family business and our vision has always been to become the number one provider in the UK for quality domestic solar installations and with the Wickes brand behind us, we are closer to achieving that vision.
“I, along with the Solar Fast team, look forward to being part of the Wickes family and working together to make UK homeowners more energy independent.”
