Inspired Energy, an energy procurement consultant to UK and Irish businesses, has acquired Professional Cost Management Group Limited (“PCMG”), a national cost recovery specialist, for up to £700,000. Inspired Energy is making an initial cash payment of £150,000, with a potential further £550,000 subject to the achievement of targets based on future EBITDA performance.
For the financial year ended 31 December 2017, PCMG had revenues of £2.84 million, EBITDA of £(0.17) million, and a net loss of £(0.19) million. Net assets as at 31 December 2017 stood at £0.7 million.
PCMG provides a forensic auditing service to identify and recover overpayments of utilities and telecoms bills on behalf of its clients and provides optimisation analysis to enable customers to improve their tariff and billing structure. The company was founded in 1993 and was acquired by Alma Consulting Group SAS (a subsidiary of the French Ayming Group) in March 2008.
The Managing Director of PCMG will remain with the enlarged Group after completion and Inspired Energy intends to incentivise the Managing Director and other key employees of PCMG by granting share options in the Group following completion. PCMG is based in Blackpool. The business will be relocated to Inspired Energy’s Kirkham head office on expiry of the current lease that runs to November 2018.
Commenting on the acquisition, Mark Dickinson, CEO of Inspired said: “We are delighted to conclude the acquisition of PCMG, which is a highly complementary addition to Inspired’s core Corporate Division. The PCMG team and brand are well respected within the sector.”
UK, Kirkham, Lancashire and Blackpool, Lancashire
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