Yu Group PLC Licence granted to supply water market
December 11 2017 - 2:00AM
RNS Non-Regulatory
TIDMYU.
Yu Group PLC
11 December 2017
11 December 2017
RNS Reach
Yü Group PLC
("Yü Group" or the "Group")
Licence granted to supply water market
Yü Group PLC (AIM: YU.), the independent supplier of gas and
electricity to the UK corporate sector, announces that it has been
granted a licence by regulator Ofwat to enter the retail and
commercial water market. The Company intends to supply water
services for the business sector only and will trade under the
Company's newly formed subsidiary, Yü Water Limited ("Yü
Water").
Yü Group decided to launch Yü Water following the de-regulation
of the water retail market in April this year, the largest market
of its kind in the world. The licence will allow Yü Water to buy
wholesale water services and offer these services together with its
energy services to develop bespoke packages to suit the individual
business needs of its customers.
Commenting on the news, Ofwat senior director Emma Kelso said:
"It's good news to see suppliers bring different areas of expertise
to the water market - with Yü Water bringing theirs from a
background in energy."
Bobby Kalar, Chief Executive of Yü Group, said: "The addition of
the water utility services to our product portfolio builds on our
experience in the energy market for corporate customers and our
ability to deliver these utilities with best-in-class customer
service. Our focus remains on our core offering in the provision of
energy, however this enables us to offer a bespoke, value-added
service to our customers who seek the flexibility of a
one-stop-shop for their utility needs. We see long term
opportunities for the Company in the water industry."
For further information, please contact:
Yü Group PLC
Bobby Kalar
Nick Parker +44 (0) 115 975 8258
Alma PR
John Coles
Hilary Buchanan
Robyn Fisher +44 (0) 20 8004 4217
Notes to Editors
Information on the Group
Yü Group PLC, trading as Yü Energy, is an independent supplier
of gas and electricity focused on servicing larger corporate and
SME businesses throughout the UK. It has no involvement in the
domestic retail market. The Group was listed on the AIM market of
the London Stock Exchange following a successful IPO in March
2016.
This information is provided by RNS
The company news service from the London Stock Exchange
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