Monday, 27 September 2010

First Utility to grow Scottish market

THE UK's biggest independent energy supplier is targeting expansion in
Scotland after securing funding that it claimed would put it on a level
playing field with the big six utility companies.

First Utility last week sealed an agreement to buy its wholesale gas
through Morgan Stanley, with the
global banking giant's US affiliate, Morgan Stanley Capital Group, taking a
9.9 per cent stake in the firm. The supplier has 45,000 customers in the UK but hopes to sign up another
half a million households over the next four years on the back of the deal.
It will aim specifically to build on a growing customer base in Scotland,
where it has proportionately more customers than any other region of the UK.

Darren Braham, chief financial officer at First Utility, said: "Our
agreement with Morgan Stanley offers the perfect platform on which to grow
the business. One of the challenges for a small business is buying energy
and working capital is tied up in that. This solves that problem and puts us
on a level playing field with the big six."

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