Newspaper article The Journal (Newcastle, England)

Energy Consultant's PS15.5m Acquisition

Newspaper article The Journal (Newcastle, England)

Energy Consultant's PS15.5m Acquisition

Article excerpt

Byline: ENERGY Coreena Ford? 0191 201 6331 ? coreena.ford@ncjmedia.co.uk

SOUTH Tyneside energy consultancy Utilitywise is expanding its expertise after a PS15.5m acquisition of the Energy Information Centre (EIC).

Utilitywise, a rapidly-growing company based in South Shields, helps some 15,000 customers reduce their electricity, gas and water bills, and largely deals with small and medium enterprises, while Redditch-based EIC are well-established within the larger, industrial and commercial enterprise markets.

The resulting deal creates one of the largest energy procurement and energy consultancy firms in the UK, widening buying options for clients the firm's product offering.

Announcing the acquisition on the London Stock Exchange, the company said the transaction will be made up of PS10.5m in cash and a placing of PS5m in new Utilitywise shares.

Utilitywise will also repay EIC's existing mortgage debt of PS1.94m.

And it has also placed a further PS17.2m of shares to satisfy market demand.

This latest deal means the company, which first floated on AIM last June, now employs around 600 staff and will see revenues greatly increase.

In April the firm saw sales reach PS10.2m in six months to the end of January, up from PS7.3m in the last half of 2012m; pre-tax profits of PS2.1m were also reported, amid heavy investment in new premises, energy consumption management products, services and staff.

At the time, the company also announced it had acquired Leicester-based water consultancy services firm Aqua Veritas Consulting Ltd.

The move enabled Utilitywise's clients to reduce their water utility costs, streamline their bill management processes and improve their environmental performance.

Eight months ago the business also bought up independent energy consultancy Clouds Environmental Consultancy Ltd, which continues to operate from its Portsmouth office. …

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