NI gas supplier Firmus sold to London-based investor

The Northern Ireland gas supplier, Firmus Energy, has been sold to a London-based infrastructure investor.

Equitix Investment Management has bought the business from iCON Infrastructure for an undisclosed sum.

Firmus supplies about 50,000 customers in greater Belfast and a further 40,000 in areas outside the city, referred to as the "ten towns".

Michael Scott, Managing Director of Firmus, said the business has a 25-year plan to extend its network.

The aim is to connect a further 140,000 customers.

He said: "This is good news for gas consumers and the Northern Ireland economy."

Hugh Crossley from Equitix said the deal brings the business into a new sector.

"We are always looking out for attractive opportunities to acquire high-quality assets that meet our criteria," he said.

"Gas distribution is a new sector for Equitix that meets these criteria and complements the other sectors we invest in well."

Firmus was last sold just over five years ago when iCON bought it from Bord Gais, the Republic of Ireland's state-owned energy firm.