Centrica plc 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.