Member Article

Utilitywise buy Portsmouth consultancy

South Shields based utility cost consultancy, Utilitywise, have acquired Portsmouth independent energy consultancy, Clouds Environmental Consultancy Limited.

The deal was worth £985,000, and the purchase will be financed equally from the company’s cash resources and through the issue of new ordinary shares in Utilitywise.

Clouds specialise in energy management services, designed to help clients identify areas of potential energy and cost savings.

The move will provide Utilitywise with a new base from which to address the South of England, offering compliance, auditing, surveying, feasibility and design.

Geoff Thompson, Chief Executive of Utilitywise, commented: “We are pleased to have completed our first acquisition since admission to AIM in June 2012. It has been our stated strategy to complement our organic growth with acquisitions that enhance and broaden our products and services.

“We have followed Clouds’ progress for many years and I am confident that their team of market leading energy consultants, strong customer base and geographic platform will be of great long term benefit to Utilitywise.”

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