The FCA has decided to close its investigation on Yü Group, the Nottingham energy firm.
The FCA was investigating the Group to review the accuracy of the it’s announcements made between 6 March 2018 and 24 October 2018, and whether these announcements accurately reflected the Group’s financial status.
A statement to the London Stock Exchange says: “The Board of Yü Group PLC is pleased to announce that it has received notification from the Financial Conduct Authority (the “FCA”) informing the Company that the FCA has decided to discontinue its investigation and has no present intention to take action against the Company.”
The news follows the release of Yü Group’s end of year results in which it revealed an adjusted EBITDA loss of £6.3m.
Bobby Kalar, Group Chief Executive Officer, said: “The accounting and system failings uncovered in the second half of 2018 have had a major impact on the Group and I would personally like to apologise to all our stakeholders for the mistakes made. We have made significant progress in implementing new systems and processes and the Board is confident that we have weathered the storm.
“The business rationale remains strong with an enormous potential market for a high-quality service provider of gas, electricity and water to the SME and corporate sector. I believe the Group is well placed to achieve long term profitable growth underpinned by the people and systems we have in place.”