Expansion in offing as Inenco is sold

Inenco has been sold to Vitruvian Partners.
Inenco has been sold to Vitruvian Partners.

St Annes based energy broker firm Inenco Group has been sold by its parent company EnServe for an undisclosed sum.

The acquisition by Vitruvian Partners, a management and Intermediate Capital Group, is said to set it up for an expansion strategy.

Inenco, which has its headquarters in St Andrew’s Road North, manages more than £3.3bn of gas and electricity for 9,000 clients oncluding the likes of Marks & Spencer and Sainsburys.

Michael Abbott, chief executive of Inenco Group, said: “We’re really excited to be partnering with Vitruvian, who share our vision to consolidate our leading position in the UK and grow internationally with our fantastic client base.

“Vitruvian also has significant financial resources to support an acquisition programme to accelerate growth.

“People are at the heart of our business and Vitruvian really understand this – together we are committed to developing our people, who will ensure that we deliver our ambitious plans.

“Inenco Group’s head office will continue to be based on the Fylde coast, with NIFES offices in Glasgow, Altrincham and London operating alongside Inenco Direct’s growing presence in Liverpool.”

He added: “Over the course of the next three years, we intend to create new employment opportunities to support the growth in demand for our services, which is fuelled by volatile and rising energy prices and a mass of energy efficiency/carbon legislation.”

EnServe was bought by equity firm Cinven in 2010 for £360m.

It was founded by Fylde entrepreneur Simon Rigby as Spice plc in 1996.

It now aims to concentrate on its outsourced utilities divisions.

Inenco employs 409 people.

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