From kitchen table to potential £30m sale – CEO says ‘the journey goes on’
Posted on March 4, 2021 by Chris Maguire
The CEO of a Lancashire energy tech firm has said it’s ‘business as usual’ after the company was acquired in a deal that could eventually be worth £30 million.
Frazer Durris was speaking after the announcement that Businesswise Solutions had been purchased by AIM–listed group Inspired Energy plc.
Durris, who founded the business in 2010 with Dean Cockett, said their priority remained looking after their 43 staff and 340 customers.
He said: “When Dean and I started Businesswise Solutions 11 years ago on my kitchen table, our 100 per cent focus was on getting better deals for customers in the energy brokerage market, who we felt were being badly served. That focus hasn’t changed.
“As we’ve grown, we’ve always invested the money back into the business, whether that’s in people or technology. In 2018 we opened up our state-of-art Energy Centre and that’s helped educate and wow people every time they’ve visited.”
Durris, who will remain within the enlarged group, said the deal with Inspired Energy represented the ‘next part of our journey’.
“We’re delighted to join the Inspired Energy plc group,” he said. “Being part of the UK’s largest commercial and energy advisors will bring clear advantages of scale.”
The founders will remain with the business and the company will continue to operate independently under the Businesswise Solutions brand, with the same senior management team and under the leadership of CEO Durris.
“It is a testament to the strength of our people, our culture, and our client relationships for Inspired Energy plc to want us to remain independent and continue to deliver on our existing growth plans for many years to come,” said Durris.
“As such, our focus remains unchanged, which is to develop and support our people, enabling them to deliver exceptional service to our valued clients.
“Furthermore, we now have at our disposal, market-leading energy management tools and energy buying products, plus access to Environmental, Social and Governance (ESG) solutions.
“This range of solutions will allow our clients to deliver long term year-on-year sustainable energy management improvements and utility cost reduction for their businesses.
“It’s business as usual for our customers. Our capability has now been strengthened by access to a wider range of products, deeper level of resources and enhanced market position through volume of energy procured.
“It’s been a fantastic journey over the last 11 years since Dean and I started the business and we’re very excited to continue the journey as part of Inspired Energy plc and the opportunity that brings for our people and to our clients.”
Businesswise Solutions has over 340 customers, including Graham & Brown, DFS and Burnley Football Club.