Yü Energy has acquired Bristol Energy’s business customer book, some 4,000 meter points, following a competitive tender.
Bristol City Council is also seeking a buyer for its larger residential business following sustained losses.
Yü Energy’s business also hit the ropes two years ago, when it discovered serious issues with its treatment of aged and bad debt, causing its share price to plummet 80 per cent.
The Bristol deal increases the number of meter points Yü supplies by around 40 per cent, to almost 14,000.
Yü Group paid £1.24m in cash on completion and and as part of the acquisition has acquired £1.0m of receivables of which the majority is due for payment to this month. A further £100,000 is payable by Yü Group deferred for three months. Meanwhile, Yü has assumed liabilities totalling £580,000 payable in August 2021. The acquisition does not include Bristol Energy’s forward commodity purchases.
The company said it will offer Bristol Energy customers a green electricity tariff which is “traceable to source from Carno 2 wind farm in Wales” and would work with Bristol to “ensure a smooth transition”.
Yü Group CEO Bobby Kalar said Bristol Energy’s b2b staff will be retained as part of the deal.