Inspired Energy PLC's (LON:INSE) Mark Dickinson talks to Proactive London's Katie Pilbeam about the completion of the disposal of its SME division to its management team by way of a buyout for a total consideration of up to £10.5mln.
Dickinson explains '93% of our business is focused on the corporate consumer market where we provide assurance services, energy efficiency services that help them to achieve zero net carbon and their ESG objectives and 7% was the SME division, which provided a price comparison service for smaller consumers'.
Dickinson says this divestment allows the 'core business to focus on these corporate consumers'. The £10.5mln sum will be paid to Inspired on the collection and run off of the SME division’s accrued income balance, the majority of which is expected to be recovered within three years of completion.