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Climate stories: South Coast Insulation Services

Building powerful partnerships: read the latest in our series of climate stories, featuring our customer South Coast Insulation Services

About the customer

South Coast Insulation Services (SCIS), a national, Trustmark-accredited energy efficiency provider, delivers home energy efficiency services, including insulation. Based in Hampshire, with offices in Devon, Gloucester and one shortly opening in Liverpool, its mission is to support customers with making homes in the UK safer, warmer and more energy-efficient, while enabling tangible energy savings.

 

SCIS is a trusted partner of some of the UK’s largest energy companies,* and has worked in collaboration with energy suppliers to secure long-term, Energy Company Obligation (ECO)-scheme funding through a UK Government initiative to improve energy efficiency in homes.

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]

Disclaimer:

This article is for media use only and is not a financial promotion.

This announcement is published by NatWest Group plc (together with its subsidiaries “NatWest Group”), for information and reference purposes only and is intended to provide non-exhaustive, indicative and general information only, it does not purport to be comprehensive, and it does not provide any form of legal, tax, investment, accounting, financial or other advice. Recipients should make their own independent evaluation of this information and no action should be taken, solely relying on it. NatWest Group makes no representation or warranty (express or implied) of any kind, as regards the accuracy or completeness of this information, nor does it accept any responsibility or liability for any loss or damage arising in any way from any use made of or reliance placed on, this information.

Information about business lending

Security may be required. Product fees may apply. Finance subject to status.

For more information on our activity on climate, environment, social and governance matters, please see NatWest Group’s 2022 Climate-related Disclosures Report (PDF 9.7MB) and NatWest Group’s 2022 Environmental, Social and Governance Supplement (PDF 9.6MB)

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