Yu Group PLC Creation of Metering Services Division (7947K)

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                 [phone] 
SP Angel Corporate Finance 
 LLP 
 Jeff Keating 
 Bruce Fraser 
 Caroline Rowe               [phone] 
Tulchan Group 
 Giles Kernick 
 Oliver Norgate              [phone] 
 

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May 09, 2022 13:13 ET (17:13 GMT)