NVM supports the growth plans of Love Energy Savings
20 October 2015
Bolton based LES offers full market comparison across a wide range of panel suppliers and manages any resultant switching process on behalf of the SME from initial agreement to completion. This is achieved through a sophisticated bespoke technology platform which has been developed by the LES in-house team.
Deregulation of the UK gas and electricity market in 2002 created the opportunity for domestic and non-domestic users to switch energy providers at the end of their existing contracts for more suitable and cheaper tariffs. LES was established in 2007 in order to target the non-domestic energy user market which, whilst comprising around c2.4 million SME contracts, had been slower to embrace the opportunities offered by deregulation than the domestic market. Now, as LES’s portfolio has grown to almost 16,000 live client contracts there are clear signs that SMEs are increasingly using the services offered by intermediaries such as LES. It is anticipated that many more such businesses will look to switch their gas and electricity provider in the coming years.
Andy Leach, the lead Investment Partner at NVM on the transaction commented: “We are delighted to be supporting a young and vibrant business such as LES in the achievement of their ambitious growth plans. Phil and his team have built a great business in a relatively short period based on a market leading IT platform, where the culture of customer service and transparency is at the heart of the way they operate. The business energy market is too complex for most small businesses to properly understand and LES, with access to a wide range of tariffs and an intimate understanding of the market, combined with an ability to take away the administrative burden that can go with switching, is perfectly placed to improve the ability of SMEs to buy energy better.”
Love Energy Savings Managing Director, Phil Foster commented: “NVM came highly recommended as the perfect partner to allow LES to achieve its ambitions which has been proven to be the case. I’m delighted that we’ve been able to move forward with them and I’m very excited about the future. Having Andy and his team on board will provide LES with a catalyst to reach out to every business to allow them to make smarter choices regarding their energy at contract renewal in a simple and transparent way, allowing them to generate more profit through savings.”
NOTES TO EDITORS Advisers: Legal – NVM Private Equity, Shoosmiths (Kieran Toal and Damien Brown); Management and LES, TLT Solicitors (Stephen Devlin and Liz Delaney). Corporate Finance – Signia Corporate Finance (Stuart Lees and Susan Lees). Due Diligence – Financial, Baker Tilly (Paul Johnson and Steven Radcliffe); Commercial, Fairgrove Partners (Paddy Woods Ballard); IT, Intuitus (Adrian Astley-Jones); Management, Quinn Partnership (Paul Quinn and Mike Stiles)
Love Energy Savings https://www.loveenergysavings.com/
NVM Private Equity LLP (NVM) is independently owned with over 30 years’ experience of investing in unquoted UK businesses. NVM is a generalist investor, managing over £200 million of funds, and is differentiated by having executives living and working in regional business communities throughout the UK. NVM seeks investment opportunities in UK businesses which have the right mix of growth potential and market vision. They may be looking to grow organically, acquire another business or secure a management buy-out. Typically, NVM looks to invest between £2 million and £10 million in each transaction. www.nvm.co.uk
For further information please contact:
Natalie Dickinson (NVM: PR & Marketing) – 0118 951 7021 email@example.com
Andy Leach (NVM: Investment Partner) – 0161 935 8419 firstname.lastname@example.org
Liam May) (NVM: Investment Manager) – 0161 935 8081 email@example.com
Phil Foster (LES: Managing Director) – 01204 372 745 firstname.lastname@example.org