Co-op Energy offers to buy energy company in £9m deal

Co-op Energy, part of The Midcounties Co-operative, has made an offer to acquire Ipswich energy company Flow Energy in a deal worth £9.25m.

The deal will bring Co-op Energy around 130,000 more customers.

In 2017, Flowgroup announced it would aim to maintain a total number of customer fuel accounts of just under 250,000, above which its regulatory payments would increase significantly.

In 2016 Flow Energy had audited revenues of £98.4m and made an audited net loss of £9.2m.

David Bird, chief executive of Co-op Energy, said: ““Our proposal to acquire Flow Energy Limited will continue to build our movement by welcoming a large number of new customers into what is already the largest member-owned supplier in the UK energy market.

“Integrating Flow Energy Limited will allow us to extend our co-operative values to a larger audience and further strengthen our ability to support renewable, community-owned energy generation in the UK.”

A decision will be made in the latter half of April.