Clydebank-based challenger brand Together Energy has acquired the customers and brand of Bristol Energy for £14 million.
The sale will see the supplier, which currently has more than 185,000 customers, gain 155,000 more as well as Bristol Energy’s systems.
Bristol City Council founded the supplier in 2015 and announced earlier this year it would be selling the company after investing £36 million. Last month Yu Group acquired the council-backed retailer’s business portfolio.
The publicly-owned supplier made a £12 million loss in 2019 and did not expect to be in the black until 2021.
Paul Richards, chief executive of Together Energy, said: “There are great synergies between both companies and the acquisition is a natural fit to our growth strategy. We are an employer with strong social ethics and in the current climate are delighted to have secured so many jobs.”
As part of the deal Together has committed to retaining 110 frontline staff, however, a further 50 roles are at risk.
Cllr Craig Cheney, deputy mayor and Bristol City Council cabinet member for finance, governance and performance, said: “Throughout this process it has been really important that we find a buyer who will not only offer a good deal for Bristol but also shares similar values. We are therefore delighted that Bristol Energy has been acquired by Together Energy which has proved committed to do the very best for its staff, customers and the environment.”
Last year Warrington Borough Council purchased a 50 per cent stake in Together with an £18 million investment. Deputy Leader for the council and portfolio holder for finance, Cllr Cathy Mitchell, said: “We are really pleased that our initial seed investment in Together Energy has allowed the company to grow and prosper to the point they can make acquisitions such as this. This was very much the plan that we invested in.”
Bristol is the second of two council-backed energy suppliers to be acquired in as many weeks, after it emerged that Centrica had acquired the customer-base of Nottingham City Council-owned Robin Hood Energy for an undisclosed sum.