Newcastle-based Blue Square Utilities has secured an investment of £500,000 from a consortium of private investors led by Scottish Angel investor network TRICAPITAL.
The business currently employs 65 smart meter engineers working across the North of England on three utility contracts.
The company’s planned growth over the next two years is in line with the UK Government’s ‘Smart Meter Rollout’. Blue Square will be expanding its installs across the UK, subsequently building a workforce of over 300 engineers including 100 apprenticeships.
The ‘Smart Meter Rollout’ is a nation-wide initiative to install approximately 53 million smart meters in over 30 million residential and commercial premises across the UK by the end of 2020. The rollout is part of the UK Government’s campaign to improve the management of energy across Scotland, England and Wales.
Tim Cantle-Jones, CEO of Blue Square Utilities, said: “With the support of investors, we have been able to secure contracts and recruit a skilled workforce, with a view to achieving sustained profitable growth. The smart meter roll out represents a huge opportunity for a business such as ours to become established as a key national player in the energy infrastructure sector.”
Jamie Andrew, Chairman of TRICAPITAL Ltd, said: “We are delighted to have led this investment round to provide the funding to underpin Blue Square’s growth ambitions. We have been impressed with Tim Cantle-Jones’s vision for the company and the benefits the company brings to the wider community through its smart meter installation service. We wish Tim and his team every success in executing his growth plan.”
Moray Martin,Chairman of Blue Square Utilities and TRICAPITAL Director, said: “Importantly, Blue Square Utilities is creating new jobs and a lot of them. A number of significant long term contracts have already been completed providing the company with secure long term recurring revenue, immediate profitability and a healthy cash flow position – all in line with the promises we made to our investors. The company is surrounded by opportunities and we are already considering how we may be able to accelerate growth to accommodate them.”