Centrica Buys UK Retailer from Council

UK major retailer Centrica has agreed to acquire the energy supply customers of Robin Hood Energy for an undisclosed sum, it said September 4.

Robin Hood Energy serves around 112,000 residential customers, and 2,600 business customers across 10,000 sites. Completion of the transaction is expected September 16 although it will take longer to transfer the customers, not all of whom will necessarily accept the Centrica offer, which will be at the same or lower price than their existing one.

They will also be provided with additional information on other services they will have access to such as British Gas Rewards and offers on Homecare and Hive products. 

Centrica CEO Chris O'Shea said that the company was "focused on returning to profitable growth in our core markets and investing in value generating opportunities."

Press reports said that the business, run by Nottingham City Council, had been running at a loss since it started up in 2015 and that 230 people would lose their jobs. By March 2019, the company had lost £34.4 ($45)mn despite large loans from the authority, external auditors Grant Thornton said.