The Scotsman

Scots heat pump firm acquired in ambitious deal

- Emma Newlands

A Perth-based specialist in heat pumps has been snapped up by an ambitious residentia­l energyserv­icesfirmba­ckedby finance giants including Blackrock and Legal & General Capital in a deal it says will significan­tly expand its reach.

IMS Heat Pumps has been acquired by Hometree in a deal billed as supporting the home decarbonis­ation revolution, and terms of which have not been disclosed. Hometree describes itself as a UK challenger brand in its field. Founded in 2015, it intially focused on home emergency breakdown and insurance, and then expanding into renewable installati­ons and financing, while it has itself raised more than £85 million in funding to date.

It stated that it now has more than 100,000 customers who use it for emergency heating, plumbing, electrical repairs and maintenanc­e plans, which are delivered by its nationwide network of in excess of 5,000 multi-trade engineers and installers. In addition, the firm said that through its Hometree Finance division, it has the largest portfolio of residentia­l heat, solar, and battery leases in the UK.

The firm added: “With targets set to have 600,000 heat pumps installed [in the UK] by 2028, Hometree is capitalisi­ng on this switch to renewables by acquiring IMS Heat Pumps, which has pioneered heat pump installati­ons across England and Scotland since 1997.”

IMS Heat Pumps, which describes itself as a family and friends business whose team collective­ly has more than 200 years’ experience, said the deal gives it access to Hometree’s customer base, and its suite of financing products and insurance services, enabling it to deliver even more value to its customers, while Hometree stated that it will enable it to train more of its 5,000 engineers to be able to install, repair, and maintain renewables. ndemma Bohan, MD of IMS Heat Pumps, which also has a base in Sheffield, said: “We’ve been installing heat pumps for over 25 years and we’ve watched the renewable home energy industry grow. By partnering with Hometree, we can bring our specialist expertise to many more homeowners.”

 ?? ?? Renewable energy installer IMS Heat Pumps describes itself as a family and friends business whose team collective­ly has more than 200 years’ experience
Renewable energy installer IMS Heat Pumps describes itself as a family and friends business whose team collective­ly has more than 200 years’ experience

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