An energy broker in the charity sector has been bought out by its management team.
Utility Aid’s management buyout (MBO) was led by CEO Giles Hankinson and Non-Executive Directors Guy Fraser-Sampson and Andy Homer, along with private investors Peter Cullum (Towergate), Neil Utley (Hastings Direct) and Andrew King (King Group).
The deal was confirmed for an undisclosed sum on the 24th of January.
The firm sells energy to the UK non-profit sector and aims to help charities purchase their power in the most cost effective way.
It already serves around 1,800 charity clients including Age Concern, Citizens Advice Bureau, Multiple Sclerosis Society and YMCA.
Mr Hankinson said: “These are very exciting times as we continue to drive the company in the next phase of growth, notably of regulation in the utility broker sector which is ripe for consolidation.
“Our culture and strategy is to provide the best deal possible for our clients and we are the only brokers to work with 27 out of the 30 suppliers in this space, guaranteeing the lowest prices in the UK.”