THE disruptor energy supply firm founded a decade ago by serial Derry entrepreneur and RTE’s Dragons’ Den panellist Eleanor McEvoy has been acquired by Flogas for an undisclosed sum.
The purchase of Budget Energy marks an entry into the electricity market in Northern Ireland for Flogas, is its largest investment to date, and follows the purchase of Just Energy Ireland last November.
Created in 1978 and operating from offices in Drogheda, Belfast, Dublin and Cork, Flogas offers natural gas, electricity and LPG to residential and business customers in the Republic.
But the purchase of Budget Energy completes the jigsaw and will now see it able to offer the same suite of services across the north.
Budget, which trades as BE Energy in the Republic of Ireland, has more than 90,000 customers.
There will be no immediate changes for Budget customers north or south, and its customer service office will continue to operate from its base in the north west.
Flogas will retain the Budget Energy brand name in Northern Ireland and plans to recruit additional staff in sales, marketing and customer service to support its growth over the coming months.
John Rooney, managing director of Flogas Ireland, said “This acquisition is a significant step forward in our growth and accelerates our vision to be one of Ireland’s leading all-island energy suppliers.”
“In recent years Budget has contracted with a strong portfolio of renewable energy generation across solar, wind and anaerobic digestion sources, and this will be a key contributor to our sustainability strategy.
Paul Kenny, general manager at Flogas Energy, added: “We're looking forward to working closely together to grow our business in the months and years ahead. I acknowledge the achievements of George and Anne McEvoy in making the business the success story it is today and wish them well for the future.”
George McEvoy, chief executive and owner of Budget Energy, said “While sad to be leaving, I'm delighted that Flogas, an established Irish energy company with deep roots in Ireland and the community, has bought the business. This will be a positive development both for the Budget Energy team and our customers.”
