Taxpayer-funded Bristol Energy reports £11.2m loss

Legacy_user

Quote:

Bristol City Council’s energy company has posted a loss of £11.2m for the last financial year.

But Bristol Energy has said it is not all bad news as the company has quadrupled its turnover for the same period, from £13.6m to £52.4m.

The problem for most critics of the company is that it is owned by Bristol City Council and is therefore funded by the taxpayer.

So far it is estimated that the council has invested some £27m in the firm to date and yet it is still operating at a loss. Unquote

https://www.bristolpost.co.uk/news/bristol-news/taxpayer-funded-bristol-energy-reports-2391101

And The MD has resigned in the past month.

JuneS

Hengus wrote: »

Quote:

Bristol City Council’s energy company has posted a loss of £11.2m for the last financial year.
...
The MD has resigned in the past month.

Yet Bulb Energy made losses of twice that much, and they come on MSE where it seems they are hoping to continue to SPEND, SPEND, SPEND!, borrowing ever increasing amounts.

Taxpayers have little choice in what they pay (although they do have the right to decide who they vote in), whereas private investers can (and do) pull the plug at any time.

wavelets

Oh dear, a rather predictable attempt by Hengus to presumably deflect the flack from the obvious finacial mire of his (2nd?) favourite supplier I posted about yesterday here:

https://forums.moneysavingexpert.com/discussion/5948047/bulb-energy-reports-huge-23million-annual-loss-and-late

Perhaps what is missing from Hengus's attempt is the fact that, not only is Bristol Energy supported by taxpayer as he says, but that last year Bristol Energy also posted over £8m loss, so only a very small relative increase yearly loss despite the large expansion in business.

But perhaps in stark contast to the company I posted about yesterday, Bristol Energy is also reporting it has total assets of over £16m, (compared to owing about £26m), an almost doubling of last year's figure.

Nice try Hengus, 4/10 if only for effort (as there is little substance, sorry)

Nathan94

Hengus wrote: »

Quote:

Bristol City Council’s energy company has posted a loss of £11.2m for the last financial year.

But Bristol Energy has said it is not all bad news as the company has quadrupled its turnover for the same period, from £13.6m to £52.4m.

The problem for most critics of the company is that it is owned by Bristol City Council and is therefore funded by the taxpayer.

So far it is estimated that the council has invested some £27m in the firm to date and yet it is still operating at a loss. Unquote

https://www.bristolpost.co.uk/news/bristol-news/taxpayer-funded-bristol-energy-reports-2391101



And The MD has resigned in the past month.

Well as I said a few years back in the appropriate feedback thread, I wouldn't touch them with a barge pole.

But I also agree with wavelets above your attempt is shameful.
You had 24 hours, and this was the best you could come up with?

The news article itself is almost a week old now, and one would have thought as you have spent 24hours searching you would alos have found this news article from 6 months ago

https://www.bbc.co.uk/news/uk-england-bristol-45049894

As you will see, even Bristol City Council eventually came around to my assessment of this supplier, having switched & ditched them.

But in regards to the £27m borrowed, that was always the plan ... and there was no intention to start repaying yet ... and the news article 6 months ago states it will be 2021 before it will start to be repaid with interest..

The firm, Bristol Energy, was set up in 2016 and aimed to be "a force for social good" by reinvesting its profits back into the community.

Ok, there have been no profits yets, but there were no plans for any yet.

But the company does at least (at the time of that news article going to press) employ 180 people. That's 180 people that would otherwise be being susidised by local taxpayers for being unemployed.

I think wavelets was generous with his 4/10 rating

Xbigman

Nathan94 wrote: »

As you will see, even Bristol City Council eventually came around to my assessment of this supplier, having switched & ditched them.

That's an extremely biased comment. Bristol council own Bristol energy but they don't control it. As far as Bristol council are concerned its just another energy supplier. Bristol council has a specific tendering process for their energy needs whilst Bristol energy has rules in place that prohibit them from giving any customer favourable treatment. Bristol council used a tendering process to select its new energy supplier and Bristol energy were beaten on price. That was it.



Darren

wavelets

archived_user wrote: »

...

And The MD has resigned in the past month.

It would appear the OP has done likewise since creating this thread yesterday...
:cool: