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Aggregated Micro Power buys wood pellet assets, customer base of CPL Distribution for £485,000 in cash

Richard Burrell, Aggregated Micro Power’s chief executive said: "CPL has built a strong and well-regarded business in the wood pellet market in England over the last five years, with approximately 1,200 customers"
Wood pellets
In the year ended 31 March 2017, CPL's wood pellet customer base delivered unaudited revenue of £5.1mln

Aggregated Micro Power Holdings plc (LON:AMPH) has acquired the wood pellet assets and customer base of CPL Distribution Limited for a cash consideration of £485,000.

The AIM-listed distributed energy company said the deal was financed from its existing cash resources.

READ: Aggregated Micro Power hails associate company's partnership with European Energy Exchange

AMP said it is acquiring a customer base and assets which have been part of CPL's wider fuels distribution business.

In addition to the customer base, AMP said the assets acquired relate to vehicles and machinery. Eight members of CPL staff are also joining AMP.

Richard Burrell, Aggregated Micro Power’s chief executive said: "CPL has built a strong and well-regarded business in the wood pellet market in England over the last five years, with approximately 1,200 customers.

“The Acquisition is in line with AMP's strategy to expand Forest Fuels with strategic in-fill acquisitions to build on its existing customer base in the wood fuels market.”

WATCH: Aggregated Micro Power's' Richard Burrell 'delighted' with full year results

In the year ended 31 March 2017, CPL's wood pellet customer base delivered unaudited revenue of £5.1mln.

In AMP's audited results for the year ended 31 March 2017, its wood fuel operating segment - Forest Fuels - reported revenue of £15.8mln and profit from operations of £426,000.

The group said, on a historical pro forma basis, an additional £5.1mln of turnover from the CPL assets would equate to an additional profit from operations of £137,500.

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