Licence granted to supply water market

RNS Number : 8919Y

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	[phone]
Alma PR John Coles Hilary Buchanan Robyn Fisher	[phone]

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.

 

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