TLT has advised Bristol Energy on the sale of its residential customer base and brand to ethical energy firm, Together Energy.
The £14m sale to Together Energy, one of the UK’s most ethically aware energy firms, ensures a continued service for its 155,000 residential customers and secures the jobs of 110 frontline workers.
Bristol headquartered TLT assisted Bristol Energy in respect of the bidder selection process on the sale of its residential customer base to Together Energy, which required expertise from the firm’s clean energy and employment specialists to deal with specific issues, including the TUPE of staff to Together Energy.
TLT also advised Bristol Energy on the sale of its 4,000 business customer accounts to Yü Energy in August.
Corporate partner Antonia Silvestri led the TLT team, with support provided by associate Henry Male, solicitor Hannah Wilson and employment partner Esther Smith.
Allan Booth, Managing Director at Bristol Energy said: “TLT advised on two concurrent transactions for the sale of Bristol Energy, one of which was a complex hybrid of asset sale and IP, with significant TUPE considerations. Both buy side and sell side had public sector shareholdings, which inevitably added a further level of complexity and public scrutiny.
“The TLT team were integral to the successful outcome and, as leader of the team, the ability to trust the TLT team and delegate to them was for me a great help. Antonia and the TLT team are all first class professionals, but more than that, the strength in depth and flexibility are second to none. I would like to thank them for their exemplary support and performance under pressure.”
Antonia Silvestri, partner at UK law firm TLT said: “The challenges faced by energy suppliers are well known, and it is great to have been part of the solution that delivered certainty to the customers and the employees of Bristol Energy.”
Cllr Craig Cheney, Deputy Mayor and Bristol City Council Cabinet Member for Finance, Governance and Performance said: “Throughout this process it has been really important that we find a buyer who will not only offer a good deal for Bristol but also shares similar values. We are therefore delighted that Bristol Energy has been acquired by Together Energy which has proved committed to do the very best for its staff, customers and the environment.”
The combined purchase of the residential customer book, the Bristol Energy brand and systems means continuous service and a seamless transition for all Bristol Energy residential customers.