SSE rebuys M&E specialist Enerveo after sale in 2021

Power giant SSE has bought back the Enerveo electrical contracting business it sold three years ago from the original buyer Aurelius Group.

SSE sold the £257m turnover business, then known as SSE Contracting, in June 2021.

But the investment firm found it challenging to operate rebranded Enerveo as an independent business. During this period Enervo suffered accumulated reported pre-tax losses of £37m in the two years to April 2023.

The losses stemmed from legacy projects in non-core industries and £14.6m is separation costs relating to rebranding and setting up standalone HR, IT and finance functions.

A further exceptional cost of £6.7m was incurred to cover redundancy and legal costs as the directors attempted to streamline loss-making operations. This saw average staff headcount falling by over a fifth to around 1,440.

Following the repurchase, SSE said it would now work with Enerveo management to conduct a through review.

This will develop and then implement a longer-term strategy for each part of the business. Enerveo offers a range of services including mechanical, electrical, high voltage, electric vehicle infrastructure installation, test and inspection services, as well street lighting.


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