A SCOTTISH housing business that retrofits homes for carbon reduction has been acquired by a major industry player in a move that is set to pave the way for further growth.
Dundee-based IRT has been acquired by the Mears Group, which has its UK headquarters in Gloucester and Scottish HQ in Coatbridge, for an undisclosed sum. IRT was founded by brothers Stewart and Alan Little in 2002 with seed funding from Dave Jones, creator of blockbuster game Grand Theft Auto.
It is claimed its software will help speed up activity in the carbon reduction space. All eight IRT staff will all transfer across.
Mears said there are significant opportunities in the structurally growing field of carbon reduction, which will run alongside the homes services it provides in the sector.
The requirement to decarbonise an ageing housing stock, especially in affordable housing, is accelerating in the current environment given the significant increases in energy costs, and push to meet Scottish Government net zero targets.
IRT’s DREam software will enable Mears to develop intelligent retrofit plans swiftly, which means it can reduce the energy bills of vulnerable clients much more quickly, the firm said.
“By introducing this data-led solution we are strengthening our carbon deduction offer with in-house expertise and capacity on stock modelling and thermal imaging,” said Mears. “The DREam software helps enable our clients access funding to get works done.”
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Alan Long, Mears executive director, said: “Mears are pleased to announce the acquisition of IRT which means we now have the in-house capacity to develop intelligent retrofit plans for our clients whilst meaning we can assess the carbon reduction needs of any new properties entering our management portfolio.
“The technology from IRT was used to win three contracts under the Social Housing Decarbonisation Fund earlier this year, highlighting that this is a tested formula for successful future bids with our clients.
“With IRT joining the Mears team we are combining two companies with over 50 years’ experience in their respective markets whilst boosting the Mears presence as one of the UK’s experts in carbon reduction.”
The three contracts noted are in partnership with Livin housing association, Crawley Homes and Milton Keynes Council, and IRT is also involved with an SHDF demonstrator project in Aberdeen called project DORIC, one of 17 in the country UK.
IRT provides a range of data-led services focused at driving energy efficiency, decarbonisation, and broader asset management activities.
It has developed over several years the proprietary technology platform DREam, which-aims to simplify and accelerate the retrofit journey, by assessing energy performance of housing portfolios, optimise budgets and provide recommendations on the most efficient way to complete fit-outs, homing in on the affordable housing sector.
IRT has over 30 registered provider clients spanning the UK and has surveyed over 350,000 domestic properties. It will continue to service existing IRT clients, and its active sales pipeline is"underpinning its growth forecast", which will also “enhance further upon joining the group”.
IRT Surveys Ltd provide a range of additional services to the sector, primarily focused around energy services, heat loss surveys and its broader management activities.
The acquisition will provide Mears with "new skills and capabilities, supporting pre-sales activity and helping to unlock the group’s ability to deliver carbon retrofit work", which is identified to be a “significant market”, it said. Mears, a housing solutions provider to both the public and private sectors, said: “We welcome Alan and Stewart Little, who are the directors of IRT, along with their staff.”
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