World Fuel Services Europe has acquired energy procurement business Orchard Energy from Lakehouse plc. World Fuel Services paid £12.4 million in cash.
Orchard provides consultancy advice to corporate clients in relation to managing their energy costs, particularly energy procurement and usage. In addition, Orchard provides energy management services to commercial and industrial customers, including brokering supply with utilities firms, managing contracts and advising on energy consumption. The business employs 72 staff and is based in Elland, West Yorkshire, with offices in Glasgow, Bristol, Newcastle and Northampton.
In the financial year ended 30 September 2016, Orchard had turnover of £6.3 million and profit before tax of £2.5 million.
World Fuel Services recently launched the Kinect Energy Group, built from U.S. Energy, KTM, and Beach Front Energy in the United States and Bergen Energi and Utilities Exchange in Europe. Orchard will become part of the Kinect Energy Group.
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