Council writes off £24m of Robin Hood Energy debt
NOTTINGHAM City Council has been forced to write off more than £24m of debt owed by a power company which it founded four years ago.
The authority admitted it would not recover the cash from Robin Hood Energy – Britain’s first council-owned supplier – which was borrowed after the company fell into financial difficulties last year.
Money written off includes a £7.5m investment that the council made in the firm, which claims former Labour leader Jeremy Corbyn as one of its notable customers.
The figures were revealed as part of the company’s long-overdue financial statements, finally released more than seven months late. Robin Hood’s finances have come under scrutiny amid concerns about its use of taxpayer cash. The accounts show that the council’s investment is now worthless.
Nottingham City Council said it was carrying out a review of the company with all options on the table, including a sale.