Yu Group PLC Creation of Metering Services Division (7947K)
May 09 2022 - 12:13PM
UK Regulatory
TIDMYU.
RNS Number : 7947K
Yu Group PLC
09 May 2022
9 May 2022
Yü Group PLC
("Yü Group" or the "Group")
Creation of Metering Services Division
Integration of Magnum Utilities Management and Support Team
Yü Group PLC (AIM: YU.), the independent supplier of gas,
electricity and water to the UK corporate sector, is pleased to
announce the creation of a metering services division following the
integration of the management and support team and Intellectual
Property of Magnum Utilities, specialists in smart meter
installation and services.
Magnum Utilities specialises in the installation of smart meters
and EV charging points across the UK and provides a range of
complementary services, including smart meter maintenance, revenue
protection, and emergency call-outs. Magnum Utilities entered
administration on 9(th) May 2022 as a result of its clients
entering the SOLR process. A team of 28 join Yü Group and will
bring extensive expertise and experience and will trade under 'Yü
Smart' a new wholly owned subsidiary of the Group.
The new metering services division will see the development of
Yü Group's field engineering capabilities to accelerate the
installation of SMETS2 meters across the Group's eligible and
future portfolio. This will provide Yü Group greater control and
accuracy of metering data to improve operational efficiencies and
the reduction of Yü Group's current maintenance spend with third
party metering service providers. It will also support Yü Group's
Digital by Default strategy by driving enhanced data insight to
enable better hedging performance and understanding of customer
consumption.
In addition, it will support Yü Group's future growth by
unlocking new market opportunities to develop field services across
the Group's existing customers as well as developing its own
customer base.
The installation of SMETS2 will also ensure better outcomes for
Yü Group's customers through more accurate billing and meter
readings and energy efficiency insight.
Bobby Kalar, Group Chief Executive Officer, said :
"We are delighted to be integrating Magnum Utilities management
and support team to build our metering capability and expertise.
The ability to control a larger part of the value chain and
influence predictable outcomes for our customers will drive
significant value enhancement - providing us greater control of our
customers' energy supply. Not only will this improve our
operational efficiency but in turn will support our future
growth.
I'd like to take this opportunity to welcome our new colleagues
to the Group, and look forward to launching our new metering
division in early Q3 2022 under the Yü Smart brand ."
For further information, please contact:
Yü Group PLC
Bobby Kalar
Paul Rawson +44 (0) 115 975 8258
SP Angel Corporate Finance
LLP
Jeff Keating
Bruce Fraser
Caroline Rowe +44 (0) 20 3470 0470
Tulchan Group
Giles Kernick
Oliver Norgate +44 (0) 20 7353 4200
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END
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