First Utility Ltd.

At the end of 2017, First Utility Ltd. the UK’s largest of the UK’s midsize household energy providers, supplying 808,000 of the country’s 27 million households with electricity and gas. In the first quarter of 2017, First Utility achieved a 3% market share. The company had grown rapidly from 2011 to 2014, doubling each year, and CEO Ian McCaig had indicated that he was considering going public. In 2015, however, growth slowed and earnings fell 84%. In the same year, the company began expanding to Germany and Poland and establishing its own accounting system. Growth continued to slow in early 2016 and First Utility posted a loss of £ 12.7 million for the year. Plans for an IPO have been suspended. Instead, the company sought strategic partnerships to bring new products and services to its UK customer base. It was unclear whether First Utility’s new regions and product lines would stimulate growth. Meanwhile, CEO McCaig announced in May 2017 that he would resign in September. In December 2017, the company announced that Royal Dutch would acquire Shell First Utility for an undisclosed amount. The deal was approved in February 2018 and First Utility became part of Shell’s New Energies business.

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