Inspired Energy acquires Wholesale Power UK
AIM-listed Inspired Energy, the energy procurement consultant to UK corporates and SMEs, has acquired rival Wholesale Power UK for £2m.The cash and shares deal further enhances Kirkham-based Inspired’s service offering, as well as providing the group with entry into new industry sectors, including leisure and logistics.
Blackpool-based WPUK delivers integrated energy solutions to UK Corporates. The team comprises experienced engineers and analysts who will complement Inspired’s risk management team.In the year ended 31 October 2014, WPUK delivered revenues of £860,000 and profit before tax of £360,000. As at 30 April 2015, the contracted order book stood at around £4.2m,
Following the acquisition, Inspire's order book exceeds £20m.Janet Thornton, CEO of Inspired Energy, said: “We are delighted to conclude the acquisition of WPUK, which increases the breadth of our target customer base, further enhances our sector specialism and expands our service offering for our corporate customers. "We look forward to working closely with the highly experienced and knowledgeable team of WPUK and welcoming them into our Corporate division as we seek to further develop our position as a market leader.”