Inspired to buy Inprova Finance for £20m
Inprova Finance provides energy procurement services, analysing usage data to recommend the appropriate options on either flexible procurement arrangements or a fixed price basis. It also provides consultancy services to its customers to enable customers to buy energy efficiently and monitor and reduce their carbon footprint.
The Warrington based company is a significant operator within the UK third party intermediaries market with access to 19,000 meter points through more 1,000 customers.
In the year ended 30 June 2018, Inprova Finance generated revenues of £7.8m and EBITDA of £2.9m. As at 30 June 2018, its order book stood at around £11.6m.To fund the cash purchase, AIM-listed Inspired will raise up to £19m by placing 115,151,516 new Ordinary Shares at 16.5 pence.Mark Dickinson, chief executive officer of Inspired, said: “We are delighted to have agreed the acquisition of IFL and its group of energy businesses. "This acquisition provides an opportunity to drive further growth from Inspired’s established platform and deliver value creation, both strategically and operationally, in addition to strengthening the Group’s position as a leading TPI in the UK and Ireland."