Utility Bidder
Utility Bidder is a leading energy broker, offering energy procurement services to UK SMEs. Sovereign has partnered with the management team to further develop the business through a strategy of organic and acquisitive growth.
Sector
Business and technology services
Status
Current
Investment Date
2019
Location
UK
Investment background
Utility Bidder was set up in 2009 after the founders had identified an opportunity to develop a service offering focused on serving the SME market. The business went from strength to strength and by 2018 employed c.100 people in its offices in Corby and Manchester.
Keen to further enhance the business, they appointed Chris Shaw as CEO in 2018. The founders also wanted investment to take full advantage of the market opportunities and realise some of the value they had created in the business. Sovereign backed an MBO in January 2019.
The story so far
Augmented the management team with the appointment of Mark Wood, formerly CEO of Axa UK, as Non-Executive ChairHelped the business review its sales capability leading to clear opportunities for enhancemenSupported Utility Bidder in strengthening both its IT and accounting capabilityHas become the leading online energy broker following significant investment into digital marketing channelsAt the time of the MBO, Sovereign enhanced the management team with the appointment of Mark Wood, formerly CEO of Axa UK, as Non-Executive Chair.
The company currently brokers energy and other utilities contracts to over 14,500 SME clients across a number of industry sectors in the UK.
Sovereign is working with the management team to further develop the business both organically and through acquisition.
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.
