SSE has reacquired mechanical & electrical (M&E) contractor Enerveo after it struggled to operate as an independent business.
The energy company had previously sold Enerveo, which was then known as SSE Contracting, to investment firm Aurelius Group in 2021.
Recent accounts show the Birmingham-headquartered company suffered a downturn in financial performance, despite a company restructure aimed at cost reduction and attempts to win higher margin projects.
Enerveo managed to decrease its underlying losses in FY2023 by avoiding legacy projects in non-core industries, reducing overheads, renegotiating contracts, streamlining operations, and focusing on profit-generating projects.
But for the year ended 31 March 2023, the company reported a total operating loss of £9.4 million (FY2022: £26 million loss) and loss for the year of £10.2 million (FY2022: £27.1 million loss).
SSE said it is now conducting a review of each part of the business.
“Following the repurchase, SSE will now work with Enerveo management to conduct a review to develop and then implement a longer-term strategy for each part of the business,” said the energy company.
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