Wiltshire-based renewables supplier Good Energy has received an “unsolicited” takeover approach from a UAE-based energy technology business. The Chippenham-headquartered company told investors on Monday (October 28) the non-binding proposal related to a possible offer for the entire business.
The Aim-listed company said in the announcement to the stock market it was evaluating the possible offer, together with its financial and legal advisers.
“There can be no certainty that an offer will be made, nor as to the terms of any such offer,” Good Energy said.
Under current takeover rules, Esyasoft must confirm whether it is making a firm offer – or walking away – by November 25.
Good Energy also confirmed on Monday that it had entered into a conditional binding agreement to acquire Empower Energy – a commercial focused solar installation company.
The board said it expected the latest acquisition, which follows a deal for Lincolnshire-based Amelio Enterprises on October 4, to be “substantially earnings enhancing” in the 2025 financial year. It is the fifth acquisition Good Energy has made in the past two years, and the fourth in solar installation services.
Nigel Pocklington, chief executive of Good Energy, said: “We have rapidly scaled our service coverage and capability. We will now be focussed on integrating these businesses under the Good Energy brand, leveraging our increased operational scale and vertical integration to provide a cohesive experience for commercial customers looking to cut their energy bills and their carbon through installing solar.”
Last month, Good Energy said it was “well placed for growth” after half-year profits dropped by more than a quarter.
The firm saw gross profit decrease 28% to £23.6m for the six months to the end of June 2024, compared to £32.7m the previous year, as the energy market “normalised”. Gross margin increased to 24.3% from 20.9% in 2023.