Thu, 25 Mar 2021 | BUSINESS SALE
Sheffield-based energy firm Nabuh Energy, which has recently struggled with considerable debts, has been acquired by British Gas owner Centrica. Centrica says the acquisition of Nabuh Energy will help British Gas return to growth after it posted a 31 per cent drop in operating profits in its most recent accounts.
Nabuh Energy has struggled with outstanding payments to energy regulator Ofgem in recent years. The regulator has twice threatened to revoke its license over unpaid Renewables Obligations and accrued interest. Most recently, Nabuh Energy was issued with a final order by Ofgem in October 2020 for £2.7 million plus interest in unpaid Renewables Obligations.
The deal is scheduled to complete around the end of April. Nabuh Energy, which has around 36,000 customers, said that it is unlikely customers will notice any change post-acquisition and that their Nabuh online accounts will remain active.
Centrica has been seeking to return British Gas to growth following a difficult trading period. In an effort to remedy this, the business has been targeting strategic and distressed acquisitions. These include its takeovers of the customer bases of Robin Hood Energy (which also had considerable Renewables Obligations debts) last year and Simplicity Energy (which had ceased trading) in February 2021.
Following the acquisition of Nabuh Energy, Centrica Group Chief Executive Chris O’Shea said: "This deal is part of our strategy to focus on and invest in our core markets and follows the acquisition of Robin Hood Energy's customer base last year and more recently Simplicity Energy.”
"This is a really exciting time for British Gas as we seek to return the business to growth and put customers at the heart of everything we do, by offering a competitive and innovative service."
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