Good Energy acquires solar specialists in £7 million deal

By Ben Carey on 13 February, 2024

Good Energy has agreed to buy JPS Group, a specialist solar and storage installation and distribution business, in a deal worth £7 million.

As part of the deal, the firm, which has its head office in Chippenham, will also acquire Trust Solar Wholesale Limited – a standalone distribution and procurement business based in Maidstone, Kent.

JPS Group was founded in 2011 and for the last financial year reported revenue of £12.2 million and profit before tax of £0.6 million. The Group is on track to deliver revenue of £19.6 million and profit before tax of £1.3 million for this financial year.

The acquisition strengthens Good Energy’s service offering and accelerates the Company’s energy services growth strategy in targeting higher margin, growth markets with lower working capital requirements.

Good Energy is targeting an equal weighting of energy services and energy supply earnings by 2025.

JPS’s highly experienced management team has committed to remain with the business.

Nigel Pocklington, Chief Executive Officer of Good Energy Group PLC, said, “The acquisition of the JPS Group is an exciting next step in Good Energy’s growth strategy and further solidifies our position as the UK’s go-to solar specialist.

“Solar is experiencing a boom in the UK and its role in decarbonising our energy system is absolutely crucial. Installations are back at the peak we saw during the introduction of the Feed-in-Tariff – another period in which Good Energy was a key player, leading to our position as the largest voluntary administrator of the scheme today with over 180,000 solar generator customers.

“The solar installation market was worth £1.9 billion in 2023 with installations growing 38 per cent. on already strong growth in 2022. This is pronounced in the South East, which is the region with the fastest rate of domestic installations in the country.

“The JPS Group has carved a position as a leading installer across the region, serving as the solar specialist in the South East of the UK for larger homes and properties with more complex requirements. It is growing at a significant rate to help supply a specific market that is demanding premium clean energy products and services, which Good Energy is well positioned to provide as a premium, trusted and truly green energy supplier.

“Having integrated our previous acquisitions we are already marketing solar, storage and heat pumps alongside supply as everything you need for a greener home or business. Integrating JPS Group under the Good Energy brand will help to grow and consolidate Good Energy’s market share, affirm us as solar and storage experts, while also providing the opportunity for Good Energy to introduce its wider product suite to a new customer base.”

Pictured: Nigel Pocklington, Chief Executive Officer of Good Energy Group PLC