Boldon energy firm targets 'ambitious' growth plans following acquisition

RG Corporate Finance has advised on the sale of North East-based energy consultancy Squareone Enterprise Ltd to AIM-listed Inspired Energy plc.

The sale hopes to bolster the company’s growth ambitions. Boldon’s Squareone was set up in 2004, working with businesses to procure and manage utilities services and helping customers control costs and reduce energy usage.

Founded by Michael Harkus and Karen Bays, the business has enjoyed consistent growth in the past 14 years, securing high profile regional and national customers.

To support the long-term future of the business, the founding shareholders engaged RG Corporate Finance to source a strategic partner, which could support its growth, but also share its focus on the reduction of energy usage.

AIM-listed Inspired Energy plc is parent to 16 subsidiaries across the UK engaged in energy consultancy services.

In the financial year ending December 2017, Inspired Energy’s revenue was £27.46m, which is a 28 per cent increase from £21.51m on the previous year. The company achieved an Adjusted EBITDA of £11m, a rise of 33 per cent on £8.26m in 2016.

Michael Harkus, managing director of Squareone Enterprise Ltd, said: “As part of Inspired Energy plc we can better deliver upon our ambitions to grow the business and continue to deliver the best level of service to our customers.

“There are some strong synergies between the two organisations, most notably culture and our drive for the reduction in energy consumption among our customers in support of our commitment to the environment.”

Advising the Squareone Enterprise Ltd’s shareholders were RG Corporate Finance’s Carl Swansbury and Adam Cassidy with tax advice from Simon Whiteside. Legal advice was provided by Jemil Visram and Jeremy Swift from DWF.

Commenting on the acquisitions, Mark Dickinson, CEO of Inspired Energy, added: “We are delighted to conclude the acquisition of Squareone - a complementary addition to Inspired’s core Corporate Division.

“The Squareone team are well respected within the sector, and were deservedly recognised as such at the 2018 Energy Live Consultancy Awards. The Acquisition further enhances our customer base and strengthens our sector specialisms.

“We look forward to working closely with the highly experienced and knowledgeable team of Squareone and welcome them into our core Corporate Division as we continue to advance our position as a market leader.”