Inspired (AIM: INSE), a leading energy procurement consultant to UK corporates, is delighted to announce that it has completed the purchase of the trade and assets of Flexible Energy Management Limited (“FEML”) and the acquisition of Churchcom Limited (“Churchcom”).
- FEML is a public sector energy procurement specialist, servicing a customer base comprising of NHS foundation trusts/hospitals and academic and sporting institutions, through two NHS sponsored OJEU frameworks*;
- The OJEU frameworks will allow Inspired to accelerate its growth into the public sector and significantly increases the strength of the Inspired Public Sector team which was created in 2016
- Consideration to be satisfied by a cash payment of £2.2 million and the issue of 2,993,653 new ordinary shares to the shareholders of FEML, who will remain with the enlarged Group.
- Churchcom is an energy procurement consultancy operating through two principal divisions, the Church Energy Purchasing Group, which specialises in serving the church sector, and Energy Partners, a growing commercial energy procurement business
- Churchcom benefits from a strong secured order book and strong retention rates and is a complementary addition to Inspired’s core Corporate Division.
- Consideration to be satisfied by a cash payment of £1.4 million to the shareholders of Churchcom.
Highlights of the transactions
- Enlarged Group’s ‘Procurement Corporate Order Book’ increases to £30.9 million as a result of the Acquisitions;
- Both acquisitions broaden the sector specialisms of Inspired’s core Corporate Division;
- Acquisitions financed from the Group’s existing financial resources, with funding provided by an extension to the Group’s existing £3.5 million acquisition facility with Santander to £5.1 million; and
- Both acquisitions are expected to be earnings enhancing in FY17.