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Lowri Beck Services switches customers to smart meters with £16.25m funding

Wigan-based Lowri Beck Services, a leading independent business support services company providing gas and electricity metering services to the UK utilities sector, is set to embark on a significant change programme switching domestic homes from dumb meters to smart meters after receiving a £16.25m funding package from Santander Corporate & Commercial. The funding will enable LBS to help fulfil the government's requirements to roll out smart meters across the UK. Contracts have already been agreed with two leading energy firms and LBS is forecasting its annual revenue to grow from £36m in 2014 to nearly £100m by 2018. The support from Santander includes £6.5m in Growth Capital loans, which will be used to help LBS invest in significant levels of staff training and upskilling. These new contracts alone will require more than 500 meter installers. Santander Corporate & Commercial's Growth Capital loans are targeted at businesses with annual turnovers of up to £50m which have a demonstrated history of high year-on-year growth in turnover, profit or employment. The facility is part of the bank's Breakthrough product suite, aimed at fast-growth, ambitious businesses. Nancy Butler, Relationship Director, Santander Corporate & Commercial, said: 'LBS is an impressive business which has seen high growth rates in recent years as a direct result of understanding the opportunities presented by the energy market. We are delighted to be working with such a dynamic, well managed business and are confident that the funding, coupled with the opportunities presented by the new regulations, will see LBS become an even greater success.'

 

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