Business utilities provider Yu Group has revealed it will launch its own metering services company after acquiring smart meter installer Magnum Utilities.
Bolton-based Magnum, which also specialises in electric vehicle (EV) chargepoint installations, went into administration on Monday (9 May) as a result of its clients entering the Supplier of Last Resort (SoLR) process.
As well as the company’s intellectual property, Yu Group will integrate 28 of Magnum’s employees into its new metering division Yu Smart.
Yu Smart will see the development of Yu Group’s field engineering capabilities to accelerate the installation of second-generation SMETS2 devices across its customer-base.
The company said this will give it greater control and accuracy of metering data and reduce its current spend with third party metering services providers.
Bobby Kalar, group chief executive, said: “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 Yu Smart brand.”