Energy supplier announces smart new division
Independent gas and electricity supplier Yü Group has created a new metering services division which will trade under the name Yü Smart – a move which is expected to unlock new market opportunities for the Nottingham-based firm.
The listed group moved quickly to bring in 28 key personnel from domestic meter installation company Magnum Utilities after the Bolton firm fell into administration today (May 9).
Magnum Utilities specialises in the installation of smart meters and EV charging points and provides a range of complementary services. It slipped into administration as a result of its clients entering the SOLR (Supplier of Last Resort) process.
The creation of Yü Smart – a wholly-owned subsidiary of Yü Group – will allow the East Midlands company to develop its field engineering capabilities and help to accelerate the installation of SMETS2 meters across its eligible and future portfolio.
Yü Group CEO Bobby Kalar said: “We are delighted to be integrating Magnum Utilities management and support team to build our metering capability and expertise. The ability to control a larger part of the value chain and influence predictable outcomes for our customers will drive significant value enhancement – providing us greater control of our customers’ energy supply. Not only will this improve our operational efficiency but in turn will support our future growth.
“I’d like to take this opportunity to welcome our new colleagues to the Group, and look forward to launching our new metering division in early Q3 2022 under the Yü Smart brand.”