Coun­cil writes off £24m of Robin Hood En­ergy debt

The Daily Telegraph - Business - - Business - By

Ed Clowes

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.

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