The firm said it also “expects to incur an associated exceptional charge in 2014 of c.£13m relating to the divestment.”

SIG said the sale followed “a significant downturn in market volumes due to the end of the Carbon Emissions Reduction Target scheme, subsequent lack of traction from the Green Deal and continued market uncertainty surrounding the Energy Company Obligation.”

Miller Pattison – which was formerly known as SIG Energy Management Limited – has been sold to boiler and home heating systems specialist Help-Link UK Limited.

For the 2013 financial year Miller Pattison reported sales of £25.4m and made a loss before tax of £5.2m after incurring £2.1m of net restructuring costs and goodwill impairment.

Help-Link will take on Miller Pattison’s network of 11 branches across the UK, their fleet of vehicles and 300 strong workforce.

Help-Link’s managing director Mel Butler said: “Since establishing Help-Link 15 years ago the company has gone from strength to strength. We have grown at a rapid rate and we want to continue on this growth path.

“I have always had an aim that I would like to provide energy saving measures for the entire home, the acquisition of Miller Pattison is the first of a number of purchases in the pipeline to enable us to do this.

“The strategic decision to acquire Miller Pattison, in particular, was born from the synergy of the company’s values with those of Help-Link’s – focusing on quality, longevity and customer care.   Help-Link has funded the acquisition as it forms a key part of our plans for the future.”