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Mears acquires social housing energy data firm in £4.1m deal
Mears Group has acquired housing energy-efficiency data firm IRT Surveys in a bid to speed up and improve its carbon-reduction work.
In a trading statement, the housing management and repairs firm confirmed the up-to-£4.1m deal with Dundee-based IRT, which provides a range of data-led services to social housing providers, focusing on addressing fuel poverty, decarbonisation and energy efficiency.
IRT is being acquired on a cash-free, debt-free basis, consisting of an initial consideration of £3m and subsequent contingent consideration of up to £1.1m, payable over a two-year period following completion.
The £1.1m is subject to satisfactory performance against business development targets.
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Over the past several years, IRT developed a technology platform called DREam, which was engineered to simplify and accelerate the retrofitting of domestic properties.
It does this by assessing the energy performance of housing portfolios, optimising budgets and providing solutions on the most efficient way to complete retrofits within the affordable housing sector.
IRT has more than 30 registered social housing provider clients in the UK and has surveyed more than 350,000 domestic properties. The data firm will continue to service existing clients following the acquisition.
Mears said acquiring IRT will allow it to conduct stock analysis modelling for carbon-reduction work and help to identify and access grant funding support available.
The firm said it will provide it with new skills and capabilities in this area, bringing new expertise in-house, support pre-sales activity and help to unlock its ability to deliver carbon retrofit work, which has been identified as a significant market.
In the year to 31 December 2021, IRT reported revenues of £0.4m and an operating loss of £0.1m. The business is on track to deliver revenue of £0.8m in the 2022 financial year and an operating profit of £0.2m.
David Miles, chief executive of Mears, said: “This deal is completely aligned with our strategy, utilising innovation and technology to drive positive change in the sphere of carbon reduction.
“We are excited to welcome IRT and its employees into the group.”
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