Together Energy has acquired Bristol Energy’s customer book, systems and brand for £14 million.
The Bristol City Council-owned energy supplier has been struggling for a while, leading the council to announce that it was up for sale in June.
Now Together – a small renewable energy supplier based in Scotland – will take on the company’s 155,000 residential customers. As part of the sale, the company has secured the jobs of its 110 staff, who will now TUPE (following Transfer of Undertakings (Protection of Employment) Regulation) into Together and continue to work from Bristol.
Paul Richards, CEO of Together Energy said there were “great synergies” between the two companies making the acquisition a “natural fit” as it looks to grow.
“We are an employer with strong social ethics and in the current climate are delighted to have secured so many jobs.
“We are delighted to welcome Bristol Energy’s customers into the Together family and want to assure them that nothing is changing - tariffs, terms and conditions and how you contact Bristol Energy will all remain consistent. We also recognise the value of the brand and plan to retain it.”
Together Energy has recently signed a new trading agreement with renewable energy major Orsted, with the partnership helping the acquisition to fall into place in time, as well as providing customers with confidence that they are receiving the greenest energy, according to the company.
Bristol City Council appointed Ernst & Young (EY) to assess the business earlier this year, with the accountancy firm recommending the sale of the supplier in its report in June. The Bristol-based EY corporate finance team oversaw the sale.
Cllr Craig Cheney, deputy mayor and Bristol City Council cabinet member for finance, governance and performance, said: “Throughout this process it has been really important that we find a buyer who will not only offer a good deal for Bristol but also shares similar values.
“We are therefore delighted that Bristol Energy has been acquired by Together Energy which has proved committed to do the very best for its staff, customers and the environment.”
Bristol is not the only council-owned energy supplier to struggle recently, with Nottingham City Council’s Robin Hood Energy also having faced challenges. On 4 September, Centrica’s British Gas acquired the company’s customer book, taking on the company’s 112,000 residential customers, and 2,600 business customers across 10,000 sites for an undisclosed sum.
This followed Robin Hood posting a £23.1 million loss in its April 2018 to March 2019 results, and the company turning to Deloitte to advise the council on the best steps forwards.