An energy consultant has moved his business to bigger offices in Redditch as he caters for an unexpected surge in demand for his services.
Kumran Siddique says the collapse in energy prices as a result of the global coronavirus pandemic offers a silver lining for companies – the chance to fix their gas and electric bills at a dramatic discount.
The pandemic has resulted in a worldwide economic slowdown, with the drop in demand for gas and electricity pulling down prices. Mr Siddique says the companies he is advising currently are able to fix their energy contracts for the next five years at prices as much as 30 per cent lower than just a few months ago.
“While a lot of businesses are on furlough or have slowed right down, this is the ideal time to fix their energy deals,” said Mr Siddique, whose My Utility Savings business is now based at offices in Church Green East in Redditch.
After working for a major utility consultancy he struck out on his own less than two years ago and was already growing fast enough last year to look for bigger new offices.
He said: “We needed somewhere central in Redditch in a hurry. I got in touch with the team at commercial property agency John Truslove and they have been brilliant.”
My Utility Savings has taken 828 sq ft of office space on the second floor at 24 Church Green East, Redditch, for five year term at £6,500 per annum.
“We were in, up and running in just a few weeks. It was remarkable,” added Mr Siddique.
“It has meant we were in a position to start helping firms as soon as the current crisis started. Energy bills, after staff costs, are one of the biggest costs companies face. As a consultancy we don’t just help them find the best long-term energy deals, we provide advice on energy consumption, smart metering and all the technology needed so businesses have the best control of their gas and electricity usage.
“That even comes down to helping companies organise their maintenance to make sure they are getting the maximum efficiency out of their energy use.
“Nobody saw this pandemic coming but now it is here companies need to use every tool in their box to keep their costs down. It comes after a three year period that has seen energy bills rising around 40%. Now it has fallen back dramatically. One client I work for had annual bills for gas alone of £13,000. We have managed to fix a deal that cuts that by 25 per cent.”
He said he has lived and studied in Redditch all his life, from working at the Old Market in the 90s and studying at Abbey High School, and he wanted to start his business in his home town.
Ben Truslove, joint managing director at John Truslove property, said: “Kumran Siddique and My Utility Savings are providing a timely service for local companies. The firm needed to move from their previous premises as their lease was ending and we were able to use our extensive knowledge of the local office market and our strong relationship with commercial landlords to help them find a new home particularly quickly.
“It meant they were ready when everything changed earlier this year, so they can provide their services to help local businesses come through this current crisis as strongly as possible.”