PracticeConsultingKPMG sells Independent Energy

KPMG sells Independent Energy

Independent Energy, which went into receivership on 9 September, has been sold by KPMG to Innogy Holdings for £10m.

The deal includes the major supply business assets of Independent but excludes the generating and resource business of the group.

Innogy ? the soon to be demerged UK business of National Power ? will take over 240,000 electricity supply contracts and 80,000 domestic gas customers, as well as all the systems, fixed assets and property required to support them. The company will also acquire York Gas, a wholly owned subsidiary of Independent Energy which went into receivership on 12 September.

Independent Energy called in the receivers after failing to secure funds to continue trading. Innogy pledged to resolve existing billing and service problems which had dogged Independent.

KPMG is confident of finding a buyer for the remaining generating and resource business which the firm continues to run.

Receivers arrive at Independent Energy

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