The founder of an energy procurement and management company, which will next week become the only north west business to float on the stock market this year, says the listing will provide it with a springboard for growth.

Shares in Lancashire-based Inspired Energy are due to begin trading on AIM on Monday. The business, which has its headquarters in Kirkham, has been reversed into Finemore Energy. Finemore was founded in May by Mike Fletcher and David Foreman, who previously worked together at the Manchester office of investment bank Altium, as a platform to acquire firms in the energy services sector with rapid growth prospects.

Inspired manages and negotiates 800 gas and electricity supply agreements for around 460 customers, generating commission based on their energy consumption.

Mr Foreman becomes Inspired’s finance director while Mr Fletcher joins the board as a non-executive director. Inspired was founded in 2000 by managing director Janet Thornton and is expected to have a market value of £10.6m when it floats.

A total of £3.4m has been raised via a shares placing. Yorkshire Bank has provided debt funding for the reverse takeover. Janet Thornton and her husband Matthew, who is Inspired’s sales director, will have a 38.86 per cent stake in the business. Praetura Ventures, a business set up by Mr Fletcher and Mr Foreman which founded the Finemore acquisition vehicle, will hold 10 per cent. Other backers include ISIS Equity Partners. In the year to June 30, Inspired had revenues of £2.86m and adjusted underlying profits of £1.59m.

It currently has contracted revenues of £4.1m.

Janet said: “Joining AIM today provides Inspired Energy with an excellent springboard for the company’s next phase of growth as we continue to build its profile among our growing customer base in the UK market.”

The Manchester office of law firm Gateley advised Inspired Energy. Its team was led by corporate partner Paul Jefferson and included Nigel Brown and Rick Almond.

Mr Jefferson said: “In the current climate, very few IPOs are taking place, due in part to the turbulent state of the equity markets, so it’s quite an achievement for everyone involved.”

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