Hubworking operates two meeting venues in central London for small businesses. Ferdinando says the company’s energy problems began after opening the first centre near Liverpool Street Station. He recalls: “It was quite a big building and we had three meters and three separate bills. They were very high and varied enormously – they were always really difficult to understand.”
As a two-year-old, growing company with projected turnover this year of more than £0.5m, managing overheads such as power is a priority. So, Ferdinando shopped around to see if there were other providers that offered a better deal, eventually coming across Electricity4Business.
“They consolidated the three meters into one monthly bill," Ferdinando says. "We now know, for all our forecasting and budgeting, what we’re going to spend on electricity for the Liverpool Street centre. We’re changing to them for our second building, too.”
Ferdinando was surprised at how easy it was to switch providers. “You don’t realise how easy it is until you look into it. We filled in a couple of forms and then it was done.”
Electricity4Business recently conducted a survey of more than 1,000 businesses that showed almost one in five small companies spend more than ten per cent of annual turnover on energy bills. Twenty-two per cent of respondents spend between five per cent and ten per cent of yearly revenue on energy costs.