Robin Hood Energy has appointed Deloitte to advise the company as part of its strategic review.
This makes it the second council owned energy supplier to appoint an advisor in a week, after Bristol City Council appointed accountancy firm Ernst and Young to advise it regarding Bristol Energy and undertake a full assessment of the supplier.
Nottingham City Council’s energy supplier has struggled financially recently, posting a loss of £23.1 million in its latest financial results for 2019 in March.
The company launched a strategic review earlier this year, and last month said it was in the process of appointing a professional services company to support the review.
Speaking to Current±, Robin Hood said that despite the appointment of Deloitte, its position remained the same as it had in March.
Jeff Whittingham, interim chief executive officer of the company, said: “We commenced a strategic review of the business in mid-January. This will consider all options for Robin Hood Energy and will be complete by the summer.
“Meanwhile, our key objectives are to continue to find further efficiencies in our processes, ensure we continue to provide a great customer experience and deliver for our shareholder and most importantly the people of Nottingham.”
The company’s management underwent some dramatic changes at the beginning of the year, with two new senior member joining to help refocus the business. Gail Scholes, the former chief executive, and Robert Bains, the former managing director, were both terminated on the 16 December according to documents submitted to Companies House on 20 December
While the annual results have been sufficiently concerning for the company to appoint Deloitte, Robin Hood reaffirmed that it had been a difficult period for many suppliers with ten energy suppliers going bust with the 2018/19 financial year.
One such company was Portsmouth City Council’s supply division, Victory Energy. Despite trying to emulate Robin Hood and Bristol Energy, it faced financial problems and after failing to find a buyer, the Council closed the division in September 2019.
