29th Sep 2016 08:41
LONDON (Alliance News) - Inspired Energy PLC, an energy procurement consultant to businesses, on Thursday said it has bought Informed Business Solutions Ltd in cash and shares and said its chairman has stepped down.
Inspired will buy Informed Business Solutions, which provides energy procurement and environmental services to large, multi-site companies, for up to GBP4.3 million.
It will pay an initial GBP1.8 million in cash plus 3.5 million shares to make up the GBP2.3 million initial consideration. A further GBP2.0 million will then be paid in cash based on Informed Business Solutions hitting certain targets post-completion.
Inspired said Informed Business Solutions will boost its existing Corporate Division by adding environmental services to its offering and increase its order book.
"We are delighted to conclude the acquisition of Informed which is a highly complementary addition to the group's core corporate division. The acquisition broadens our customer base, further enhances our sector specialisms and strengthens our service offering within environmental consultancy," said Janet Thornton, Inspired Energy's chief executive.
In a separate statement, Inspired Energy said Non-Executive Chairman Bob Holt has stepped down from his role and has been replaced by Non-Executive Director Michael Fletcher.
Fletcher is a co-founder and managing partner of Praetura Capital LLP, a venture capital investor.
Shares in Inspired Energy were up 1.8% at 14.12 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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