Shares in energy management consultancy Utilitywise (LON:UTW) broke new ground after non-executive director Jeremy Middleton snapped up £3 million of stock.
Venture capitalist Middleton, who co-founded emergency home repairs group HomeServe (LON:HSV), has backed the AIM-listed company to continue its impressive surge by buying 1.15mln shares at 260.2p each.
The company, which manages energy meters for public and private organisations across the UK, has watched its share price jump almost 400% since joining the junior market in June 2012.
Floating at 60p, the shares are now worth 283p, helped 5% higher on Wednesday by Middleton’s show of faith.
The company raised £6.7mln upon listing to grow the business. It now has more than 600 staff on its books and claims to sign up around 60 new accounts a day.
Jeremy Middleton’s wealth is estimated at more than £50mln, including property and equity portfolios.
Middleton, who was formerly the Conservative Party’s deputy chairman, retains a 3% stake in HomeServe, worth around £30mln.