How did NatWest Group help?
NatWest Group supported SCIS with the acquisition of Cotswold Energy by providing a £6 million revolving credit facility to fund the transaction and support working capital requirements and further growth funding.
What were the outcomes of this acquisition?
The acquisition of Cotswold Energy will help SCIS develop its service offering further through the team’s specialist expertise in delivering renewable energy projects and complex building retrofits. Cotswold Energy’s recent projects include the installation of a water source heat pump, powered by the river Frome, in a 200-year-old former mill building used by Stroud District Council in Gloucestershire.
Commenting on the deal, SCIS chief executive Nicolas Gillanders said: ‘The importance of the climate emergency cannot be understated. We are seeing that reflected in the demand for our services, as homeowners, private landlords and housing providers review the energy efficiency of their properties in light of both this and the cost-of-living crisis.
‘We’ve been able to acquire Cotswold Energy Group in a move that gives us an opportunity to build on our existing offering as like-minded businesses with a shared goal of helping customers reduce their carbon emissions.’
What’s next for the business?
At NatWest Group, we aim to continue to develop and deepen our relationship with SCIS. Our asset finance provider, Lombard, is supporting the company to invest in additional vehicles as the business continues to scale up. Our relationship managers meet regularly with SCIS’s founder and its senior management team to leverage our internal and external networks and offer strategic input and introductions.
Mikael Rosen, Relationship Director in Corporate and Commercial Banking at NatWest Group, said: ‘We are delighted to be supporting SCIS with this acquisition which supports the continued growth of the business and breadth of the service offering.
‘The management team are ambitious and passionate about the role they play in supporting the decarbonisation of the UK's housing market, an area that closely aligns with our purpose as well as our ambition at NatWest Group to support sustainability focused lending.’
*South Coast Insultation Services Ltd, scisltd.co.uk/services [date accessed August 2023]
