Energy group to be investigated by FCA
Troubled Nottingham energy firm Yü Group is to be investigated by the Financial Conduct Authority (FCA) over claims it made earlier this year.
The FCA wants to look at the accuracy of the Group’s announcements made between 6 March 2018 and 24 October 2018 and whether these announcements accurately reflected the Group’s financial status.
A statement from Yü Group said: “The Group plans to work collaboratively with and cooperate fully with the FCA in its enquiries.”
In November, the listed Nottingham-based energy supplier to businesses appointed PwC and DLA Piper to undertake a forensic review of its accounts a week after it took a £10m hit to its bottom line.
The firm said it had identified “several areas of concern” that would plunge the company from a healthy profit into the red.
At the time, Bobby Kalar, chief executive, said: “As founder and majority shareholder, nobody is more disappointed in this development than me. Our booked revenue from new sales remains strong and contracted revenue for 2019 is already £67 million as at the end of September 2018. We have improved internal controls around working capital management and the Board is absolutely focused on restoring the profitability of the business.”
