Energy efficiency specialists Flowgroup has been given a £1million boost after striking a new deal over its power purchases.
The Chester-based firm, which provide alternative energy products and offers home energy in the UK, has agreed new trading agreements with Morgan Stanley over the amount of money needed to be lodged to buy wholesale.
Flowgroup said the new arrangement would allow more than £1million in collateral to be paid back into its energy business and strengthen its cashflow.
“No longer needing to lodge such significant collateral when buying energy also means taking on new energy customers is a less cash intensive proposition,” said chief executive Tony Stiff.
“Being able to negotiate these new trading arrangements is a result of the increasing maturity of our business and our growing track record.
“They put us in an excellent position to expand our energy-only customer base, with the advantages in terms of additional revenue and increased exposure for our brand that this brings.”
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