Energy comparison firm Love Energy Savings (LES) has announced it will add 110 new jobs over the next 12 months with a £4.5 million investment from private equity firm NVM.
Currently employing 55 people, Bolton-based LES say the deal will allow them to carry out ambitious growth over the next five years.
Established in 2008, the company now says it can boast a client portfolio of almost 16,000.
Managing Director Phil Foster said the substantial investment will have a positive knock-on effect in the wider community.
“I think it’s testament to the impressive growth we’ve experienced over the past few years and the strong potential for further expansion that a company of NVM’s stature wants to invest in us.”
“SMEs are increasingly aware of the vast savings they can make on their energy bills.
“Of course, as we expand we’ll need to bring new talent into our team.
“We’re proud of our roots and we have a strong presence in our local community, so it’s always nice to be able to create new jobs and opportunities in the area.”
NVM Private Equity are headquartered in Newcastle-Upon-Tyne, and currently manage over £300 million of funds.
Andy Leach, lead Investment Partner on the transaction, said: “We are delighted to be supporting a young and vibrant business such as LES in the achievement of their ambitious growth plans.
“The business energy market is too complex for most small businesses to properly understand and LES, with access to a wide range of tariffs and an intimate understanding of the market, combined with an ability to take away the admin burden that can go with switching, is perfectly placed to improve the ability of SMEs to buy energy well.”
Foster added: “With the Government’s ‘Northern Powerhouse’ plans taking shape, these are exciting times for businesses and the wider economy in the North. The future is looking bright for SMEs in this part of the country.”
The deal was assisted by Stuart Lees and Susan Lees of Cheshire-based Signia Corporate Finance, as well as Stephen Devlin and the team at TLT Solicitors.
Main image: Phil Foster MD of Love Energy Savings and Andy Leach, Partner at NVM.
