Energy Assets secures £10m funding boost

John McMorrow, chief financial officer at Energy Assets
John McMorrow, chief financial officer at Energy Assets
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Livingston-based gas meter supplier Energy Assets has secured an increase in its lending facilities.

The firm said that Lombard, the asset finance division of Royal Bank of Scotland, has expanded its lending capacity by £10 million, taking the total available to Energy Assets to £70m.

Meanwhile, the firm has agreed to a two-year extension to its existing £35m facility with Bank of Scotland. Energy Assets also has a £5m facility with Santander, taking its total across its three main funding partners to £110m.

The group said it now has £33.9m of undrawn facilities “to fund future growth” of its portfolio of meters for industrial and commercial (I&C) customers.

Chief financial officer John McMorrow said: “We continue to enjoy good relationships with all of our banking partners, who have expressed a keen interest to continue working with the group.

“We are confident that these relationships will provide sufficient funding to facilitate our future growth plans as we work towards being the supplier of choice for customers within the UK I&C sector and the largest independent provider of I&C energy metering services in the UK.”

Details of the funding boost came the week after Energy Assets reported a 26 per cent jump in pre-tax profits to £4.8m for the six months to the end of September.

Laurence Jamieson, mid-markets relationship director at Bank of Scotland, said: “By extending our finance terms with the business we are reaffirming our commitment to Energy Assets and further cement our support for this exciting industry.

“We look forward to continuing to work with John McMorrow and the wider management team to achieve their long-term ambitions for the business.”