Ecotricity could be sold for a sum “in the region of £200-£300″ million, the energy retailer’s founder has told Utility Week as he seeks a buyer.
After almost three decades in the energy retail market Dale Vince has announced he is looking to sell his company and move into politics ahead of the next general election.
Founded in 1995, the renewable supplier currently serves 200,000 customers. According to Companies House turnover for holding company Green Britain Group was more than £247.5 million for year ending 30 April 2021.
Speaking to Utility Week following his announcement, Vince confirmed KPMG had been appointed to find a new buyer.
Asked about how much the company is worth, he said: “We haven’t had it valued, KPMG have just given us an indication that they think some hundreds of millions, probably in the region of £200-£300 (million).
“For me it’s not the most important thing – the most important thing is to find the right buyer that does the right job with it.”
Vince, who has not yet decided what his role in politics will be, said he feels like he can bring more change in a different sector.
He continued: “We have been doing this 25 years, green energy is a mainstream business now globally. We were the very first company in the world to sell green electricity and in that time everything’s changed. I think there’s a limit to the difference I can make by carrying on running a small green energy company.
“We are a standard bearer for green things and we do innovate, that can continue, but Ecotricity has a pipeline of nearly 3000MW of projects in development that need about a £2 billion investment. One of the pieces of thinking is that a new owner with deeper pockets than we have can make that happen much faster, we don’t have the means to make that happen.
“So I think that Ecotricity can do more without me with a new owner right now, and I think also that I can do more in a different field. I can bring more change in a different sector, I have been doing this a long time and I think also that politics is the missing piece of our jigsaw.”