Just Energy Group Inc announced today that it has executed a share purchase agreement to sell the company’s UK operations, Hudson Energy Supply UK Limited, to Shell Energy Retail Limited for up to £10.5m.
Scott Gahn, President and Chief Executive Officer of Just Energy said: “The sale of our UK operations is part of our broader strategy to concentrate on our higher-margin North American operations, while also improving our liquidity. As well as refocusing our geographic footprint, we have undertaken an in-depth review of our operations and identified ways to improve our business by boosting efficiency and lowering costs.”
The sale of Hudson UK advances Just Energy’s plan to streamline its operations, allowing the Company to narrow its geographic focus and concentrate on its core operations. In addition, the sale improves Just Energy’s liquidity position by eliminating significant capital investments in Hudson UK that would otherwise have been required in the short term to support the UK operations and to further grow the UK business.