TRICAPITAL leads £500,000 investment in Blue Square smart meter company

blue-square utilities smart meter tricapital TRICAPITAL has led a £500,000 investment in Newcastle smart meter specialists Blue Square Utilities. The dual fuel smart meter installers are the newest addition to TRICAPITAL’s portfolio of 25 companies in sectors ranging from software, biomedical and engineering to textiles.

Blue Square Utilities currently employs 65 smart meter engineers working across the North of England on three utility contracts.

The company’s planned growth over the next two years is in line with the UK Government’s ‘Smart Meter Rollout’. Blue Square will be expanding its installs across the UK, subsequently building a workforce of over 300 engineers, including 100 apprenticeships.

The ‘Smart Meter Rollout’ is a nation-wide initiative to install approximately 53 million smart meters in over 30 million residential and commercial premises across the UK by the end of 2020. The rollout is part of the UK Government’s campaign to improve the management of energy across Scotland, England and Wales.

blue-square utilities tricapitalTim Cantle-Jones, CEO of Blue Square Utilities, said: “With the support of investors, we have been able to secure contracts and recruit a skilled workforce, with a view to achieving sustained profitable growth. The smart meter roll out represents a huge opportunity for a business such as ours to become established as a key national player in the energy infrastructure sector.”

Jamie Andrew, Chairman of TRICAPITAL Ltd, said: “We are delighted to have led this investment round to provide the funding to underpin Blue Square’s growth ambitions. We have been impressed with Tim Cantle-Jones’s vision for the company and the benefits the company brings to the wider community through its smart meter installation service. We wish Tim and his team every success in executing his growth plan.”

Moray Martin, Chairman of Blue Square Utilities and TRICAPITAL Director, said: “Importantly, Blue Square Utilities is creating new jobs, and a lot of them. A number of significant long term contracts have already been completed, providing the company with secure long term recurring revenue, immediate profitability and a healthy cash flow position – all in line with the promises we made to our investors. The company is surrounded by opportunities and we are already considering how we may be able to accelerate growth to accommodate them.”

About Blue Square Utilities

Blue Square Utilities is an independent smart meter installation business servicing small-medium sized energy suppliers throughout the UK. Its scope extends to the installation and maintenance of legacy and commercial metering services.

The team has extensive experience in the smart metering rollout, offering an end-to-end dual fuel Smart Meter Installation Solution.

Blue Square engineers are fully qualified dual fuel smart meter installers registered with Energy & Utility Skills.

For more information on the UK Government’s Smart Meter Rollout, visit: https://www.smartenergygb.org/en/smart-future/about-the-rollout

Visit the Blue Square Utilities website.

Image with kind permission from Blue Square Utilities: Catherine Armstrong (Company Secretary), Moray Martin (Chair), Tim Cantle-Jones (CEO), Neil Kirkby (Operations Director).

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