The sale to Together Energy for £14m will see the company acquiring 155,000 residential meter points plus the Bristol Energy brand and systems.
Bristol City Council, which founded Bristol Energy in 2015, announced earlier this year it would be selling the company, completing the sale of the business customer base last month.
Together Energy prides itself on its social impact employing more than 90% of its staff from Scotland’s 10 most deprived areas. During negotiations, Together Energy committed to guaranteeing the jobs of 110 frontline workers who will now TUPE into the company and remain in Bristol.
The companies also both strive to provide renewable and sustainable energy to customers with Together Energy supplying 100% renewable energy electricity to all its customers.
Paul Richards, CEO 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."
We are delighted to welcome Bristol Energy’s customers into the Together family and want to assure them that nothing is changing - tariffs, terms and conditions and how you contact Bristol Energy will all remain consistent. We also recognise the value of the brand and plan to retain it.
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.”
Together recently signed a new trading agreement with Orsted, who were recently voted the most sustainable company in the world.
Together Energy’s Trading Director Josh Montgomery added: “It has all fallen together just in time, without Orsted’s support and commitment to green gas and power we would have struggled to complete the deal with Bristol in the timeframes. Our Orsted partnership gives our entire customer base confidence that we are sourcing the most sustainable energy to meet household needs.”
Warrington Borough Council is a 50 per cent shareholder of Together Energy. 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."
Our green energy strategy sets out our commitment to work with a range of partners to address the climate emergency, tackle fuel poverty and create a greener future for our borough. Our partnership with Together Energy is one way we are doing that, so the growth of the company is good news for Warrington.
The combined purchase of the residential customer book, the Bristol Energy brand and systems means continuous service and a seamless transition for all Bristol Energy residential customers once the sale is complete.
You may have questions about what this means for you and your account, and want to learn more about Together Energy - we've pulled together some FAQs.