THE owners of Jersey Gas have bought the assets of a UK gas company for £2m.
Guernsey-based International Energy Group, which owns the main gas suppliers in Jersey, Guernsey and the Isle of Man as well as distribution companies in the UK and Portugal, has bought the portfolio of Mowlem Energy Ltd.
The company was a small part of the giant Mowlem construction group, and its assets will now be absorbed into IEG subsidiary the Gas Transportation Company.
Like IEG, Mowlem Energy connects new houses to the gas mains.
The £2m sale includes Mowlem’s 3,500 connected houses and 2,500 that are yet to be linked up.
This brings GTC’s total to 120,000 connected houses and 60,000 waiting to be connected.
IEG chief executive Paul Fairclough said: ‘Although this is a relatively small acquisition in relation to GTC’s existing portfolio, it reflects our continuing strategy of growth by acquisition and organic growth and reinforces our trading relationship with Mowlems, who are well established and respected installers.
Article posted on 6th July, 2004 - 12.00am
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