(Image: Pic supplied)
The founder of a North Yorkshire technology company has stepped in to rescue the business from administration.
Gary Martin, a Yorkshire entrepreneur who originally launched Chameleon Technology in 2010, has acquired the Harrogate-based hardware business and its assets, saving 22 jobs in the process.
Mr Martin, who left the company following a management buyout in December 2020, completed the deal through Verve Energy Technology on Monday, October 26.
He said: "I founded Chameleon because I believed people should have better information about how much energy they use and what it costs them.
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"That matters even more today, especially when so many households worry about their energy bills.
"When the opportunity arose to rescue the hardware business, my first priority was to protect as many jobs as possible and keep the expertise we have built here in Yorkshire.
"We have a talented team who know these products and our customers inside out.
"We now have the investment to get the business back on its feet, support our energy company partners and make sure households can continue to benefit from our technology."
The deal, made for an undisclosed sum, secures a total of 27 jobs, including engineering, commercial and customer support roles.
The company will now relocate to new offices in central Harrogate and will maintain its team in Hong Kong.
Chameleon Technology is one of the UK’s leading suppliers of in-home displays (IHDs), the smart meter screens that help consumers monitor their energy use in real time.
More than 12 million of its devices have been installed, reaching an estimated 20 million people—around a third of all UK households.
The acquisition secures the hardware side of the business, including its manufacturing assets and in-home display products.
It does not include the company’s software and data operations.
Production of the IHD3 and IHD7 models is expected to resume.
Kyle Brown will head up commercial operations, supported by existing engineering and customer service teams, as well as some members of the original management group.
Fresh investment will enable the company to restart manufacturing, fulfil outstanding orders and plan for future growth.
Martin Allison of Rosedale Advisory, which supported Mr Martin and his team during the acquisition, said: "Chameleon has a talented management team, a strong track record and products that are already used in millions of homes across Britain.
"We were pleased to support Gary in securing the future of the hardware business and protecting skilled jobs in Harrogate.
"With fresh investment and a clear focus on its core products, the business has considerable potential to scale in a growing market as energy suppliers and consumers look for better ways to monitor and manage energy use."
S&W served as administrators, with legal advice from Mishcon de Reya.