Lytham St Annes based energy and utility management specialists British Independent Utilities (BiU) will continue to increase its share of the corporate energy sector with a new tranche of funding from Santander Corporate & Commercial.
The funding will enable the team to continue its investment in new service lines and technology, whilst optimising its business operations to enhance its position as one of the UK’s leading utility management consultancies, helping save its customers millions of pounds on their annual energy bills.
The consultancy expects the funding from Santander to help accelerate its organic growth and increase its market share from new business. In addition to the funding, BiU has also moved all its day-to-day banking and working capital finance across to Santander.
BiU, provides a range of solutions for corporations, from energy procurement, utility expense management, to energy reduction and efficiency, and compliance. Over a ten-year period, just through BiU’s Revenue Recovery Service, they’ve recovered over £45 million for customers in lost revenue through incorrect utility billing.
Michael Abbott, Chief Executive, BiU, commented: “Santander’s expertise in the UK energy sector was a considerable factor in our decision to switch banks. Their funding will enable us to help even more clients to better manage their energy usage, reducing businesses’ environment impact and crucially, saving them money at the same time.”
Phillip Roscoe, Relationship Director, Santander UK, added: “At a time when businesses are already faced with a number of challenges, rising energy prices have been another hurdle for them to overcome. BiU and its solutions have a proven track record in helping reduce energy costs for large businesses across the UK, and we’re thrilled to be supporting them in taking the next steps of growing their business.”
Nick Dodd, Head of Debt Advisory for KPMG in the UK, said: “The funding provided to BiU signals clear support from Santander for the energy consultancy sector and for BiU’s own growth ambitions. It also demonstrates liquidity within the northern funding market as we have seen lending activity remain resilient for the right quality of borrower.”
BiU has grown from strength to strength since formation in 1997; named by The Sunday Times ‘Top 100 Best Small Company to Work for’ in 2011, while two years later awarded ‘Risk Management Product or Service of the Year’ by The Energy Awards, and in 2017 launching its first mobile app, with the new-to-market BiU Fusion software, launched in 2019, is already helping clients make instant impact on energy consumption and costs across the UK.
BiU was provided with funding advice by KPMG Debt Advisory (Nick Dodd, Meredith Casey and Adam Dunin-Markiewicz) and legal advice by Shakespeare Martineau (Chris von Strandmann, Adam McGiveron and Josh Hartle).
Santander was advised by a Corporate Banking team from Addleshaw Goddard LLP, which was led by Martin O'Shea with Elizabeth Wareing and Nicholas Parkin