5 January 2008
An energy firm co-founded by former Marconi and Eastern Electricity chairman John Devaney is preparing for a stock market flotation that could value it at around £100m.
Power supplier Bizzenergy has hired JPMorgan Cazenove and Greenhills to advise it on the AIM listing.
The energy retailer, which sells to small businesses via the internet, expects to lift turnover to £205m this year from £175m in 2007.
Earnings before tax and interest are expected to more than quadruple to £4.5m.
Devaney, backed by investment firm Atlas Ventures, founded Bizzenergy with two partners in 2000 and believes he can grow it to a billion pound business.
It employs 160 workers out of Worcester and buys much of its power wholesale through a deal with mining giant BHP Billiton.
To fulfil his heady growth ambitions Devaney will have to take on the might of vastly bigger rivals such as Centrica's British Gas.
Bizzenergy has already proven to be something of a thorn in the side of British Gas, spearheading an industry complaint over its sales practices. Advisers are targeting a float next spring.
(c) 2008 Associated Newspapers. All rights reserved
