Member Article

Utiligroup completes £5.5 million refinancing with Lloyds bank

Utiligroup, the North West provider of data management software to energy companies, has completed a £5.5 million refinancing with the Acquisition Finance team at Lloyds Bank Commercial Banking.

The £5.5 million senior debt package will support Utiligroup’s ongoing investment in its products and services against a backdrop of rapidly evolving technology, such as the development of smart metering technologies.

The deal follows the management buyout of Utiligroup by NorthEdge Capital, which saw the private equity house invest £11.1 million in the business.

Chorley-headquartered Utiligroup works with over 30 of the UK’s 40+ energy companies, including four of ‘the Big Six’, and commands a significant share of the independent supplier market.

The company is well-positioned to benefit from the Government drive to increase competition in the sector. Its market leading ‘supplier in a box’ product is a ‘one stop shop’ for new entrants to the market, reducing traditionally-high barriers to entry such as an electricity supply licence.

Matthew Hirst, Utiligroup’s CEO, said: “Investing in new technologies is the key to remaining at the forefront of the fast moving software industry.

“This new financing arrangement with Lloyds Bank Commercial Banking enables us to continue doing exactly that. With a solid foundation, we are well-placed to make the most of opportunities presented by the rapidly-growing business and residential energy sector.”

Neil Price, Head of North of England and Scotland at Lloyds Bank Commercial Banking’s Acquisition Finance team, said: “We have been impressed by the ambition and credentials of the management team and, coupled with the recent investment from NorthEdge, Utiligroup is in great hands.

“The refinancing demonstrates our confidence in Utiligroup’s growth strategy and its proposition. We look forward to working with the business and are pleased to welcome another new customer to our Mid Markets team.”

This was posted in Bdaily's Members' News section by Simon Malia .