Inspired Energy has acquired Professional Cost Management Group (PCMG). The deal could be worth up to £700k in cash.
PCMG provides utility bill validation, whereby it audits bills and works out if firms have been overcharged. If so, it can help recover those charges from suppliers over a period of up to six years, and claims to have recovered around £100m for clients in the last 18 months. It also helps customers, including FTSE100 businesses, ensure they are on the most cost-effective tariffs
Announcing the deal, Inspired Energy disclosed that PCMG turnover stood at £2.84m for the year to 31 December 2017. While it made net loss of £190,000 and a loss of £25,000 the prior year, Inspired’s board believes it will contribute to group profits in year one of ownership. It will relocate the Blackpool-based outfit to its Kirkham offices when PCMG’s lease expires in November.
MD Martin Hook will remain with the firm and he and other senior employees will be incentivised with group share options.
Under the deal, PCMG shareholders will be paid an initial £150,000 with up to £550,000 to follow if the company hits performance targets.
Inspired Energy chief executive, Mark Dickinson, said the firm was “delighted” to conclude the acquisition of a “well respected” brand and team.
The acquisition is Inspired’s second in as many months, following a £1.4m deal for TPI Squareone in August.