Yu Group wins UK licence to enter water market

Yü, the independent supplier of gas and electricity to the UK corporate sector, said it had been granted a licence by regulator Ofwat to enter the retail and commercial water market.

Yu Group

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12:35 24/12/24

0.56%

10.00p

The company said it intended to supply water services for the business sector only and would trade under the its newly-formed subsidiary, Yü Water.

Yü Group decided to launch Yü Water after the de-regulation of the water retail market in April this year.

“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,” the company said.

Chief Executive Bobby Kalar, 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."