Inspired Energy acquires Businesswise Solutions and GEM

By Tim Aldred

03 Mar 2021

Kirkham-based Inspired Energy has acquired a pair of businesses including Nelson-based Businesswise Solutions.

The AIM-listed firm has purchased BWS Holdco Limited, which consists of trading subsidiaries Businesswise Solutions and General Energy Management of Lincolnshire.

Businesswise is an energy consultant which provides assurance optimisation corporate customers in a broad range of sectors. It currently works with around 340 customers and holds an order book of around £10m.

Businesswise is a customer of Systemslink, part of Inspired Energy’s software solutions division, and is already on the group’s platform enabling a smoother integration. The company has 43 employees, who will continue to operate from its existing premises and  themanagement team, including its founder and CEO Frazer Durris, will remain with the enlarged group.

Inspired has paid an inital £6m, which could raise to as much as £23.5m if Businesswise can hit financial targets, such as increasing EBITDA from £1.3m to £5m by the year ending 31 December 2023 and attaining a closing order book in excess of £19m.

GEM provides energy assurance services to corporate customers in a range of sectors, with a strong presence in the food manufacturing and distribution sector, which has proved resilient through the Covid-19 pandemic.

For the financial year ended 31 March 2020, GEM recorded revenues of £500,000 and profit before tax of £250,000. An initial £1.5m has been paid to the shareholders, with deferred consideration of £250,000 payable at 31 December 2021, and a potential further contingent cash consideration of up to £250,000 payable based on achieving a target level of contracted future revenues.

The purchases will be funded by the proceeds from the group’s successful £31.3m placing and open offer completed in July 2020.

Mark Dickinson, CEO of Inspired Energy said: "We are delighted to conclude the acquisition of Businesswise and GEM, which are highly complementary additions to the group. Both acquisitions increase our market share for energy assurance services, broaden our customer base and significantly increase our units of opportunity.

"We look forward to working closely with the highly experienced and knowledgeable teams of both businesses and welcoming them into the Group as we continue to advance our position as a market leader."

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