BGlobal sells metering business for 2.3m pounds

22nd Apr 2014 07:35

Utility metering group BGlobal is selling its metering business to Energy Assets Group for 2.3m pounds to focus on its energy data management business Utiligroup.BGlobal made its move after discussions with several parties since it announced a strategic review in November.It said it was also closing its Bsmart Energy Solutions and Nutech Training businesses as both had traded poorly in the six months to March 31st and were no longer core to the group.It added: "Attempts were made to dispose of these businesses but discussions in this regard have now come to an end."The group said its remaining business, Utiligroup, did well in the financial year to March and its strong revenue would pave the way for more growth in the coming year. Cash from selling BGM will be used to pay debt, costs and to provide working capital for the group. Chief Executive Tim Jackson Smith said: "I would like to thank all the staff at B Global Metering for their hard work and commitment, particularly in the last six months, and I'm confident they and the business will have a bright future as part of the Energy Assets Group."PW