The Sureserve Group has acquired CorEnergy.

CorEnergy was established in 2014 to provide support to public and private sector organisations to assist to reduce energy, improve efficiency and save carbon by providing multi-disciplinary capabilities across a range of energy efficient products.

The maximum total consideration payable for CorEnergy is £7.5 million, with an initial £5.9m payable on completion, to be satisfied through £2.9m in cash and the issue of 3,281,879 new ordinary shares of 10p each in Sureserve (the 'Consideration Shares'). Further deferred consideration of up to £1.6 million may be payable, split equally between cash and shares, depending on CorEnergy's full year results to December 2021. The transaction is to be achieved on a debt free / cash free basis.

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The Executive Directors of CorEnergy, Tom Griffin and Richard Budzynski. will remain with CorEnergy following the acquisition by Sureserve.

Peter Smith, Chief Executive Officer, Sureserve Group plc said: "We are absolutely delighted to welcome CorEnergy to the Sureserve Group.

"The acquisition of CorEnergy meets with our strategic objective of building Sureserve's capabilities in the Energy Services, delivering vital services to local and central Governments, energy companies, and homeowners. CorEnergy supplements our services and will be immediately earnings enhancing to the Group.

"Tom, Richard and the team will bring new skills and experience to Sureserve and will help us to deliver reliable, efficient and innovative energy solutions to our customers. We are excited about the type of projects they have delivered in the past and will continue to deliver in the future. This acquisition also marks an important step in our strategy to grow the company through both acquisitions and organically."