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."
Find businesses for sale here.
If you are looking for an exit, we can help!
Specialises in the provision of expert electroplating services, offering a wide range of surface coatings that have anticorrosion and decorative properties.
FREEHOLD
Provides comprehensive measurement and testing services to clients predominantly located throughout the UK. Services offered include torque and force instrument calibration, concrete testing, abrasion testing, diamond drill coring, plate bearing and...
LEASEHOLD
Successful business operating for over 22 years, serving an extensive client base. Provides a comprehensive selection of precision engineering services, ranging from CNC milling and turning, through to welding and fabrication. Utilises an experienced...
LEASEHOLD
|
02
|
|
Aug
|
TGM Partners scoops up manufacturing firms in double acquisition | BUSINESS SALE
TGM Partners, a company specialising in the acquisition and ...
|
02
|
|
Aug
|
Victoria’s Secret UK placed into liquidation | ADMINISTRATION
It has been announced that lingerie retailer Victoria’...
|
30
|
|
Jul
|
UK insolvencies rise 31 per cent in Q2 | BUSINESS NEWS
According to figures from The Insolvency Service, company in...
Sign up to receive our acquisition alert emails to get your FREE guide
|
09
|
|
May
|
Centrica puts its three larger power stations on the market | DIVISION SALE
Owner Centrica has placed the Langage power station, that si...
|
29
|
|
May
|
Firefighting company dials for rescue | BUSINESS NEWS
AssetCo, the global fire and rescue services business, is it...
|
18
|
|
May
|
British Gas parent company acquires property maintenance firm | BUSINESS SALE
Centrica has acquired a family-run property maintenance and ...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources