Boss of Nottingham energy company apologises after firm posts big losses

Yü Group, the energy supplier to businesses, has posted losses of almost £6.3m for the year ending 31 December 2018.

The news comes despite the Nottingham firm increasing revenue by 77% to £80.6m and comes after an review of its accounting practices, carried out by PwC.

Yü Group launches the review late last year after the board said they had identified “several areas of concern” that would expose the company to a £10m hit.

Bobby Kalar, group chief executive , said: “The accounting and system failings uncovered in the second half of 2018 have had a major impact on the Group and I would personally like to apologise to all our stakeholders for the mistakes made. We have made significant progress in implementing new systems and processes and the Board is confident that we have weathered the storm.

“The business rationale remains strong with an enormous potential market for a high-quality service provider of gas, electricity and water to the SME and corporate sector. I believe the Group is well placed to achieve long term profitable growth underpinned by the people and systems we have in place.”