Nottingham Council owned energy supplier Robin Hood has posted a £23.1m loss for 2018/19.
While the firm’s management says it is “confident” financial stability can be improved, a professional services firm is being brought in to conduct a strategic review.
“This will consider all options for Robin Hood Energy and will be complete by the summer,” stated the company.
Interim CEO, former Ørsted UK boss Jeff Whittingham, said the results were “very disappointing” in what had been “an incredibly difficult year for the energy industry”.
However, he thinks Robin Hood, which a year earlier posted a £200,000 profit, can turn things around.
“We’ve looked at all areas of cost, areas where we can improve efficiency and we are confident we can improve the financial stability of this business,” said Whittingham.
“We know there will be focus on our financial health locally and we understand this. We’re listening and we need to ensure we’re providing real value back to Nottingham and the people of Nottingham. We are working together with Nottingham City Council to address the issues and ensure we put the business back on a firmer financial footing.”
Signs that Robin Hood was in trouble became apparent when it failed to pay its Renewables Obligation bill, with Ofgem having to chase it for more than £9m. The council bailed the company out with a loan.
Its bosses were dismissed just before Christmas, with an interim senior management team, including Whittingham, Mike Thomas and David Bird, brought in to try and stem losses.
See the accounts statement here.