Chorley-headquartered Utiligroup announced the successful closing of a £5.5 million refinancing with the Acquisition Finance team at Lloyds Bank Commercial Banking.
With this senior debt package Utiligroup will be able to fund its ongoing investment in its products and services against a backdrop of rapidly evolving technology, including the development of smart metering technologies.
The deal comes after the management buyout of Utiligroup by NorthEdge Capital, which saw the private equity house invest £11.1 million in the business.
Investing in new technologies is the key to remaining at the forefront of the fast moving software industry, said Matthew Hirst, Utiligroup s CEO, 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.
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, said Neil Price, Head of North of England and Scotland at Lloyds Bank Commercial Banking s Acquisition Finance team, 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.
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. It is well-positioned to benefit from the Government drive to increase competition in the sector.