Robin Hood Energy appoints advisors

Council-backed energy supplier Robin Hood Energy has appointed Deloitte to advise the company as part of a strategic review, Utility Week can reveal.

The supplier, owned by Nottingham City Council, is the second such retailer to announce it has appointed advisors this week, with Bristol Energy bringing in Ernst and Young.

An industry source told Utility Week that Robin Hood was looking to sell its customer book, although the supplier says it is considering “all options” for the business.

In response to the claims Jeff Whittingham, interim chief executive of Robin Hood Energy, said: “We commenced a strategic review of the business in mid-January. This will consider all options for Robin Hood Energy and will be complete by the summer.

“Meanwhile, our key objectives are to continue to find further efficiencies in our processes, ensure we continue to provide a great customer experience and deliver for our shareholder and most importantly the people of Nottingham.”

In December 2019 Robin Hood’s chief executive Gail Scholes and chief finance officer Robert Bain were suspended from their roles and an internal investigation launched. In March this year the supplier reported a £23 million loss for the 2018-19 year.

It was also revealed last year that Robin Hood Energy was one of four suppliers that had failed to pay its renewables obligation (RO) to Ofgem. Nottingham City Council loaned the company £9.4 million to pay off the debt. Furthermore, the financial report says an additional loan of £2.7 million was borrowed in February to assist with cashflows through the end of winter.