Professional cost management group PCMG acquired by Inspired Energy Plc.
PCMG provides a utility bill validation service and audits bills identifying historical billing errors and has now been acquired by Inspired Energy Plc.
The deal for PCMG shareholders is an initial £150,000 and a further payment of up to £550,000 if and when PCMG hit agreed performance targets, basically along the lines of an earn out.
The turnover of PCMG was a reported £2.84m for year ending December 2017 and had a net loss of £190,000, which is incredible that the business made such losses particularly in today’s highly profitable utilities market and especially as claims of £100 million had been delivered to clients over the past 18 months are to be believed.
A historical bill validation service is key to securing savings on utility bills going forwards and refunds due to historical billing errors.
The Managing Director Martin Hook is remaining with PCMG and other senior staff are to be incentivised with group share options.