Centrica plc today announced that it has agreed to sell its 49 per cent shareholding in Accuread Limited, one of the meter reading businesses which serve British Gas, to GSL Utility Services Limited for a consideration of £11 million in cash.
GSL Utility Services Limited currently owns 51 per cent of Accuread Limited. Under the conditions of the agreement, Accuread Limited will receive a 2 year extension to the current meter reading contracts from British Gas, which are due to expire in 2006.
British Gas Trading Limited established Accuread Limited as a joint venture company with Group 4 Utility Services Limited in 1996. It is one of five companies in the UK able to provide metering reading services on a large scale.
The sale of Centrica’s 49 per cent interest in Accuread Limited follows a strategic review of the business, which delivered operating profits of £5 million, turnover of £53 million and EBITDA of £5 million in 2004.