National Energy Foundation sells trading arm to Kingfisher
Published: 23 September, 2011
LONDON: Environmental charity National Energy Foundation has sold its 56% stake in its trading arm, National Energy Services, to Kingfisher, owner of B&Q, reports Civil Society web site.
Ian Byrne, company secretary at National Energy Foundation (NEF), declined to confirm the sale price or give any reason for the sale of National Energy Services, which provides training and qualifications to energy assessors as well as accreditation schemes for energy assessors and home inspectors.
NEF's most recent accounts, for the year ended March 2010, show it had income of £7.2m, while National Energy Services (NES) had a turnover of £5.9m in the same period, down from £7.5m in the previous year.
The trading arm made a pre-tax profit of a little over £9000 in the year, down from £356 000 in the year before.
Private individuals hold the remaining 44% of shares in the company. The company's vice chairman Peter Chapman and managing director Brian Scannell own most of these shares.
NES's latest accounts state: "Activities have switched from the provision of training and assessment to the provision of accreditation and quality assurance services. This has resulted in a decline in training and assessment income and a relative increase in accreditation scheme income. Company performance is now sensitive to the performance of the UK property market which has been notably flat in recent months."