Bglobal sells metering division and plans closures
Troubled Bglobal is to sell its metering business for £2.3m to the Energy Assets Group and will close two of its other divisions.The Darwen company, which lost its chairman and chief financial officer after a boardroom revolt, was put up for sale in November 2013
Working with KPMG, the company has found a buyer for B Global Metering Ltd (BGM) in Livingston-based Energy Assets Group.Two other divisions, Bsmart Energy Solutions Ltd and Nutech Training Ltd, will close after failing to attract a buyer. It has not yet been revealed how many jobs are at risk.
The group's sole remaining business is Utiligroup.The proceeds from the sale of BCM will be used to repay a convertible loan note issued to Synergy Capital Ltd, to pay expenses for the sale and the closure of Bsmart and Nutech, and provide working capital.
Tim Jackson Smith, chief executive of Bglobal, said: "In line with our strategic plan to deliver value for shareholders, I am pleased to announce the sale of B Global Metering Ltd to Energy Assets Group plc. I would like to thank all of the staff at B Global 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."Phil Bellamy-Lee, chief executive of Energy Assets, said: "I am delighted to announce the acquisition of BGlobal Metering Ltd from Bglobal plc. This transaction enables Energy Assets to expand its presence into the electricity sector and is a significant step in the delivery of the group's strategy to offer services across a multi-utility platform. "With continued focus on delivering value added services to the expanded utility and commercial client base, this acquisition also provides the group with further opportunities for growth as well as enhancing our market position and increasing shareholder value in the near term."