Inspired's SME division bought by management team

The management team of Inspired Energy's SME division has completed a buyout for £10.5m.

The SME division provides price comparison and contract arrangement services for SME consumers. It accounted for seven per cent of group revenues in the first half of 2020, but performed poorly during the coronavirus pandemic and is considered to be a non-core activity by the board.

The sale includes subsidiaries Energisave Online Limited, KwH Consulting Limited and Simply Business Energy Limited.

Mark Dickinson, CEO of Inspired said: "The disposal of the SME Division represents an important milestone in the strategic direction of Inspired Energy. 

"Unlike the corporate division, where Assurance Services has performed better than our Covid Sensitised model, and Optimisation Services where FY2020 performance is impacted by deferrals to project delivery, but is expected to recover in FY2021, the SME division has proved less resilient to the pandemic.

"This transaction allows the group to focus solely on our core service offering to corporate energy consumers with a business that is more resilient to the Covid pandemic in FY2021."

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