Member Article

Family energy firm to float

South Shields energy consultancy, Utilitywise, have confirmed their listing on the London Stock Exchange.

The move is hoped to raise around £10m to help fund future expansion for the business which specialises business energy procurement and energy management.

Founded 6 years ago by father and son team, Geoff and Adam Thompson, the firm has grown over the past few years, employing 230 people with over 100% growth in turnover in the last year.

Chief operating officer Adam Thompson said: “Tyneside has a real depth of talented individuals and we are delighted to be one of the largest employers in the area.

“We’ve recently moved to larger offices and dedicated further investment in training and human resources to give our staff the tools they need to succeed.

“As well as raising additional capital to increase the pace of our growth, we believe that the Listing of Utilitywise on the Stock Exchange will highlight the great potential in the North East and we look forward to remaining a major contributor to the local economy.”

In the 12 months ending 31 July 2011 the Company reported a profit before tax of £3.5 million on revenues of £11.7 million.

Utilitywise is being advised on its listing by HubCap and has appointed finnCap as its NOMAD and Broker.

This was posted in Bdaily's Members' News section by Tom Keighley .