Mon, 11 Nov 2013 | DIVISION SALE
Smart energy software firm Bglobal will place its smart metering business on the market after a strategic review.
The new plans also involve “taking significant cost” out of its head office and to hone in on its customers and put some strict cash management procedures in place.
It is also mulling a sale of its metering business B Global Metering Ltd. Its software services arm Utiligroup Ltd is not for sale and it was stressed that the group as a whole is not available to purchase.
Bglobal chairman John Grant said: “Since 15 August 2013, I, the board, the management team and employees of the company have – with the assistance of KPMG LLP – been working hard to review the strategic direction of the company.
“As a result, we have already taken a number of steps to improved the current performance of Bglobal, and have decided to explore whether shareholder value can be further maximised through the sale of the metering business as we believe that a third party may be better placed to take this business to a next phase of its development.”
Dating back to 1997, the group is based in Darwen, Lancashire. Bglobal Metering was the first smart metering business to be set up in the UK in 2003.
The review also made clear the significant value in the remaining businesses in the group and strong demand for its services – which will be a focal point for the group going forward.
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