Over the summer, we have been supporting long-term client Robin Hood Energy and its owner Nottingham City Council, which have been involved in a strategic review of the energy supplier’s business which culminated in a deal, announced early in September, to sell the company’s customer book to competitor British Gas.
This sensitive and complex deal comes at a time when the energy retail market has seen volatile and difficult trading conditions for suppliers, exacerbated by the COVID-19 lockdown resulting in changing consumption patterns and regulatory restrictions on collecting debt.
The deal was focussed around customers, ensuring that around 112,000 households and 2,600 business customers were transferred to British Gas and offered a green electricity tariff at the same rate as they were paying Robin Hood Energy previously.
Our team supported the Council and the Robin Hood management team at all stages of the transaction, building on some strong personal relationships having advised Robin Hood Energy for several years since its launch in 2015 out of our Nottingham office close by.
This deal is the latest example of our transaction activity in the energy retail sector. We have previously advised on several of the “Supplier of Last Resort” customer transfers in recent times, bringing to bear extensive experience of wholesale energy trading and credit arrangements, as well as customer contracts and migration mechanics, which can make these type of deals complex.
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