Avonside Energy, a standalone division of the Avonside roofing group that entered insolvency proceedings earlier this week, is a specialist supplier and installer of solar photovoltaic panels. Customers including Barratt Homes, Taylor Wimpey, Persimmon Homes, Redrow and Miller Homes.
The Avonside Renewables business has also been rescued by Rcapital as part of the deal.
Headquartered in Leicester, Avonside Energy has operations in the West Midlands, East Midlands, Glasgow, Leeds, Newcastle, Warrington and Stevenage. The transaction has saved more than 100 jobs across the country.
Rcapital has appointed Nick Alexander as chairman.聽
Rcapital has previously owned Rock Roofing Contractors, Alsop Architects and Plowman Craven. Current investments include consulting engineer Patrick Parsons Group, Richard Irvin FM and the estate agent Cluttons.
Avonside Energy managing director Bill Rumble said: 鈥淚鈥檓 delighted to confirm that agreement has been reached for Avonside Energy to be acquired by its management team with the support of Rcapital. This means it鈥檚 business as usual for Avonside Energy and the investment brought by Rcapital will mean we are in an even stronger position to make a major contribution towards the significant challenge our new build customers face in satisfying the increased energy efficiency demands鈥�
Rcapital partner Chris Campbell said: 鈥淎vonside Energy is a profitable business and a significant employer across the country with an enviable blue-chip client base.聽 We are delighted to be supporting Bill and his team and firmly believe that Avonside Energy will be integral to helping the UK achieve its decarbonisation strategy of net zero by 2050.鈥�
Kirstie Provan, partner at Begbies Traynor and joint administrator of Avonside Group Services, said: 鈥淲e are delighted to have completed the solvent rescue of the energy division of the Avonside Group, securing the preservation of a significant number of jobs and the future of the business.聽 The purchase by Rcapital gives the business a solid platform from which to move forward, and we wish the management team every success.鈥�
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