Bglobal to sell remaining business for £16m
Troubled Bglobal, pieces of which were variously sold off and shut down following a boardroom revolt last year, is to sell its software division for £16.1m.The AIM-listed Darwen company lost its chairman and chief financial officer last year and announced sales and closures in April 2014.
Now Utiligroup, the software division and last remaining piece of the company, is to be sold to private equity firm NorthEdge Capital.The firm, located in Chorley, provides data management software and services to the energy sector, supplying services to 29 of the active UK energy suppliers, including OVO Energy and Co-Operative Energy.
Following a strategic review, Matthew Hirst, Utiligroup CEO, and Andrew Green, COO, are leading the management buyout of the business. The investment from NorthEdge will facilitate the acceleration of new software development work and allow the business tocapitalise on opportunities in the market, continuing to provide the highest quality support to customers.Steve Gosling will join as chief financial officer and Martin Evans, an original founder of the business, as strategy director.
Matthew Hirst said: “Utiligroup has experienced strong growth and we have established ourselves as a market leading player in helping energy and utility companies to operate more efficient processes through a combination of automated software and managed services. “NorthEdge’s support and experience will be invaluable as we embark on our next phase of growth and will enable us to accelerate the new developments that will be required by our customers. We are delighted to beworking with such a dedicated team.”