It’s a proving to be a great start to 2019 for local business Utility Bidder as the company has just announced a significant investment in the form of a management buy-out.
The energy broker which employs around 100 staff from its Corby head office as well as a Manchester sales office has been bought by Sovereign Capital Partners, the UK private equity specialist. The deal is believed to be be one of the largest management buy outs in the energy sector and will ensure that Utility Bidder can look forward to unprecedented and rapid growth.
“We are delighted to have Sovereign’s backing.” said CEO Chris Shaw. “We operate in an exciting market with great opportunities. Sovereign has a tremendous track-record of backing high-quality growth businesses that have the potential to significantly scale-up. We look forward to further developing our product offering and growing our client base with Sovereign’s investment and partnership.”
Last year, Utility Bidder performed strongly growing sales by over 40% under Chris Shaw’s leadership, now he will act as CEO across both companies to continue to develop Utility Bidder alongside his existing management colleagues, Managing Director James Longley and Operations Director Sally Martin. Sovereign has augmented the management team with the appointment of Mark Wood, as non-executive Chairman.
The company currently brokers energy and other utilities contracts to over 14,500 small and medium sized clients across a number of industry sectors in the UK.
“This is a great start to the new year for Utility Bidder,’ said Chris. “We will continue to invest in our Corby head office where our award-winning team will be able to share their energy expertise with even more customers across the UK helping them save energy in a complex market. However, we anticipate that this new investment will not only secure the jobs of our existing employees but also allow the company to expand its office base across further regions and create new positions.”