CENTRICA PLC
19 July 1999
Centrica plc has today announced the closure of its 243 British
Gas Energy Centres. British Gas will continue to supply fires,
cookers and associated products through home shopping facilities.
Energy Centres losses after exceptional charges were £33m in
1998 on turnover of £169m. Every effort has been made to turn
the business round. However, High Street trading conditions
have been very difficult for an extended period, exacerbated by
intense competitive activity. As a result, losses have
continued and are estimated to be £25m for the first half of
1999. In the light of this, and of future prospects, Centrica's
strategic review concluded that no further investment should be
made in the high street shop network. The total cost of
closure, including associated trading, is estimated at £60m,
which will be charged in the current year.
The closure will take place over the next six weeks.
Roy Gardner, Chief Executive of Centrica said:
'We are continuing to develop our strategy of providing
customers with high quality services and value for money
products with a focus on energy supply, home and motoring
services and financial services. Our intention is to re-deploy
as many staff as possible across the Centrica group, where
extensive opportunities exist across our substantial business
base.'
Enquiries
Neville Barltrop Media Relations 01753 758445
Jo Sommers Investor Relations 01753 758112
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.