Love Energy Savings (LES) has announced an agreement with NVM Private Equity (NVM), which will see the latter invest £4.5 million of development capital into the business energy comparison specialist.
Established in 2008, LES has built a strong reputation for helping small and medium-sized enterprises to lower their gas and electricity bills, and now has a client portfolio of almost 16,000. It is one of the fastest-growing energy intermediary businesses for SMEs in the UK.
The investment will help LES to execute its organic growth plans over the next five years, enabling the business to build on its recent success. The deal has been assisted by Stuart Lees and Susan Lees of Cheshire-based Signia Corporate Finance, as well as Stephen Devlin and the rest of the team at TLT Solicitors.
One million SMEs are expected to change their tariffs in the coming years as awareness of the benefits of switching grows. This, coupled with the fact the UK government has committed to reducing the time it takes to switch suppliers, means there’s huge potential for LES to grow even further.
Using sophisticated technology, LES enables businesses to compare the best energy deals, and takes care of the switching process on their clients’ behalf from start to finish. The Bolton-based company’s experts are also on hand to advise businesses to make smarter choices at contract renewal.
Phil Foster, MD at Love Energy Savings, said the substantial investment from NVM will allow the company to put its ambitious expansion plans into practice, which will have a positive knock-on effect in the wider community.
“I think it’s testament to the impressive growth we’ve experienced over the past few years and the strong potential for further expansion that a company of NVM’s stature wants to invest in us,” said Phil.
“SMEs are increasingly aware of the vast savings they can make on their energy bills. They also know that with industry-leading technology, an unwavering commitment to customer service and a strong track record for delivering results, working with Love Energy can really pay dividends.”
“Of course, as we expand we’ll need to bring new talent into our team. Currently we employ 55 people which will treble in the next 12 months. We’re proud of our roots and we have a strong presence in our local community, so it’s always nice to be able to create new jobs and opportunities in the area.”
“With the Government’s ‘Northern Powerhouse’ plans taking shape, these are exciting times for businesses and the wider economy in the North. The future is looking bright for SMEs in this part of the country.”
Andy Leach, the lead Investment Partner at NVM on the transaction, added:
“We are delighted to be supporting a young and vibrant business such as LES in the achievement of their ambitious growth plans. 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 admin burden that can go with switching, is perfectly placed to improve the ability of SMEs to buy energy well.”