First Utility’s £500m float

BRITAIN’S biggest independent energy provider is heading for a £500m stock market float, writes PeterCampbell.

First Utility has seen its customer numbers balloon on the back of discontent with the Big Six suppliers, and boasts almost a million users.

Now the private company is heading for a listing next year that could see its three founders scoop a hefty windfall.

Finance chief Darren Braham is one of its three co-founders, and owns around 7pc – a stake that could be worth £35m.

Co-founders Marcus Citron and Mark Daeche could each see their 20pc stakes hit £100m in value.

Employees of the company own around 12pc. At present, only two of the Big Six suppliers – British Gasowner Centrica and SSE – are listed on the stock exchange.

The other large players – EDF, Npower, EON and ScottishPower – are all owned by overseas companies.

Of the smaller energy providers, only Telecom Plus – which trades as Utility Warehouse – is listed on the stock market.

First Utility last year reported annual pre-tax profits of £10.8m, compared with a loss of £3.3m the year before, according to Companies House documents.

Sales during the year doubled to £562m because of a boom in customer numbers.

The firm supplies more than 800,000 households, with 1.6m customer accounts.