Spice plc, a provider of utility support services, has acquired commercial energy broker Energy 2000 Marketing for £2.3 million in cash. An additional payment of up to £3.3 million is to follow in 2009 depending on the company’s results.

Spice plc, a provider of utility support services, has acquired commercial energy broker Energy 2000 Marketing for £2.3 million in cash. An additional payment of up to £3.3 million is to follow in 2009 depending on the company’s results.

Energy 2000, based in Lancashire, operates in the energy & utility management space. As such, it will form part of Spice’s Energy Services business.

Founder directors Neil Williams and Peter Whiteside will remain with the business following the acquisition.

Energy 2000 is an agent for industrial and commercial customers to procure gas and electricity from suppliers. The team of 19 also advises customers on energy- related matters, including measuring and reducing their carbon footprint and dealing with the climate change levy.

Commenting on the deal, Spice CEO Simon Rigby, said: “The acquisition of Energy 2000 continues our expansion in the energy management sector. The business brings with it additional consultancy skills as well as energy procurement, something our Energy Services business will benefit from.”

Energy 200 director Neil Williams adds: “We believe that, as part of Spice, our business will be able to grow and enable us to offer a wider range of services to our customer base.”

According to Energy 2000’s unaudited financial statement for the 12 months ending October ’07, the business generated a turnover of £1.1 million, an adjusted operating profit of £200,000, and net assets valued at £300,000.

It is estimated that Energy 2000’s results for the year ending April 2008 will demonstrate a turnover of £1.2 million and an adjusted operating profit of £400,000 so that the initial consideration would represent a multiple of 6.2 times operating profit.