REG - Yu Group PLC - Creation of Metering Services Division

YuAnnouncement

09/05/2022 12:15

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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                    +44 (0) 115 975 8258

 Bobby Kalar

 Paul Rawson

 SP Angel Corporate Finance LLP  +44 (0) 20 3470 0470

 Jeff Keating

 Bruce Fraser

 Caroline Rowe

 Tulchan Group                   +44 (0) 20 7353 4200

 Giles Kernick

 Oliver Norgate

 

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