Yü Energy announces plans to launch on AIM
Nottingham-based small business energy supplier intends to place on London's junior stock exchange by the end of March
Start-up energy supplier Yü Energy, founded by entrepreneur Bobby Kalar, has announced its intention to trade on the Alternative Investment Market (AIM) with a placing to raise around £7.5m investment.
Launched in 2012 and based in Nottingham, Yü Energy supplies gas and electricity to over 1,7000 small and medium businesses across the UK and has grown revenues to £3.9m.
In an interview with Growing Business last week, founder Kalar explained that he is “on a mission to take on the Big Six energy providers” and said he saw “no signs of growth slowing”.
The energy company expects to have placed on the London Stock Exchange’s junior market by the end of March. Shore Capital is acting as the business’ nominated adviser and sole broker.
On the news, Kalar commented: “The Admission and capital raising is a key stage enabling us to continue to grow.
“A significant proportion of the capital raised will be applied to the provision of financial collateral to support our hedging policy as [Yü Energy] continues to grow its customer base.
“There is a tremendous opportunity for Yü Energy, as an independent provider focused on servicing small and medium enterprises, to grow our share of the market”.