Accountants play key role in Utilitywise flotation

ACCOUNTANTS and business advisers, Clive Owen & Co LLP, will see their hard work come to fruition today as the first North East company in five years is listed on the stock market.

 South-Shields-based energy and utilities consultancy, Utilitywise, will be valued at £36.9m when it launches on the Alternative Investment Market of the London Stock Exchange.

The flotation is the culmination of the ongoing support given to Utilitywise by Clive Owen & Co’s Darlington corporate finance team, led by partner Angus Allan.

Geoff Thomson, chief executive of Utilitywise, approached Angus with regards to looking at the strategic direction of the company.

Having worked with Geoff in other businesses for the last fifteen years, Angus was able to provide detailed options that would support the company’s ongoing growth and development. It included trade and venture capital routes as well as flotation. 

Having analysed all the options in detail, it was felt that flotation was the right solution.  To enable the company to achieve its aim, Angus and the corporate finance team coordinated the project and took it from idea to result.

Angus Allan said: “We’re proud to have played such a key role in helping Utilitywise.

“The fact it has received such strong support is indicative of the kind of forward-thinking company it is and with chief executive Geoff Thompson at the helm we know it will continue to go from strength-to-strength.”

Geoff Thompson added: “This is a very exciting time for us.  Since starting the business in 2006, we have seen tremendous growth both in terms of profitability and our client base. 

“We were ready for further development and this move is extremely significant.  The support we have received from Angus Allan and the team at Clive Owen & Co has been first class.

“Angus gave us ideas and from that he has helped us to identify the best option. We’ve received high level advice and guidance that has culminated in our business being able to take this major step.  We’re delighted with the outcome of months of hard work.”

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