Insurance entrepreneurs Cullum and Utley back utility MBO

Peter cullum, Neil Utley invest in utility company

Insurance entrepreneurs Peter Cullum (pictured) and Neil Utley are backing a management buyout of an energy broker serving the charity sector.

Cullum, founder of Towergate and more recently the consolidator GRP, and Utley, who guided Hastings to its stock market flotation, provided financial support to the management buyout of Utility Aid from its private owners.

Utility Aid helps charities purchase energy cost effectively. The company already boasts some 1,800 charity clients including Age Concern, Citizens Advice Bureau, Multiple Sclerosis Society and YMCA.

“Utility Aid has a strong platform for growth which myself and Neil recognise,” Cullum said.