Eaga bound for the stock market

Eaga bound for the stock market

Simon Bain
The Herald

Eaga, the employee-owned social enterprise chaired by former ScottishPower director Charles Berry, is to float on the London Stock Exchange this year.

The Newcastle-based group is owned by its 1600 employees but reinvests its profits back into the community, making it one of the biggest social enterprises in the UK.

Eaga has the contract to deliver the £1.5bn government-funded Warm Front project for vulnerable people, and has delivered energy efficiency measures to over five million UK homes.

advertisementIt has already announced plans to grow its workforce to 10,000 and sales to £1bn within three years and has been buying up smaller UK companies in recent months. Berry joined as chairman 12 months ago from ScottishPower.

Last year, Eaga bought the Everwarm, a major Scottish contractor, from construction group Tulloch, but then suffered an unexpected set-back when it lost the contract to deliver the fuel poverty programme in Scotland, which it had been running for 15 years.

Eaga said of the flotation: ‘We will still be the same people with the same values. What matters to government is we provide a public service that is responsive to public need.’

See also: ‘Eaga frozen out of Warm Deal’ (07.08.06) http://www.senscot.net/view_news.php?viewid=5029