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TODAY'S OTHER NEWS

Management buy out on the cards for private rental sector energy supplier

A management buy out appears to be on the cards for Spark Energy, an energy supplier to the lettings and social housing sectors. 

The MBO is led by chief executive Chris Gauld and chief finance officer Hamish Osborn.

Four large institutional investors, including a major UK pension fund, a European family office and a Middle Eastern investment bank, are backing the deal.

The value of the MBO has not been disclosed but a statement from a PR firm on behalf of the firm says the deal - if concluded - would “significantly increase access to growth capital, in order to allow rapid expansion.”

Spark Energy shareholders are being sent details today, with the support of 75 per cent required. If approved, the transaction is expected to be completed in August.

The firm employs 350 people and was founded in 2007. It is thought the firm has around 120,000 customers, most of them signed up to the firm through tenancy agreements.

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