Newcastle Building Society

Newcastle Building Society is the biggest building society in the North East with more branches than any other society in the region and the eighth largest in the UK with assets in excess of £3.7 billion.

BACKGROUND

Being a high profile and cost conscious multisite organisation with a very mixed range of properties (ranging from a large HQ building and Data Centre, to branches in purpose built modern properties and others located in a variety of listed buildings), energy procurement is a major expenditure item for the business.

Rather than simply renewing the existing energy contract shortly before it expired, the client wanted to be proactive by taking the necessary steps to ensure they were able to secure a highly competitive group deal by taking full advantage of the opportunities in the competitive energy market.

WHAT WE DID

We worked closely with senior managers to fully explore the products and services available in the energy market to arrive at a structure and format which aligned with the building society’s business model and budgetary requirements.

We then worked closely with the client by keeping them constantly appraised of market movements. We correctly identified the most beneficial time to tender for the renewal, which resulted in contracts being placed significantly before the current contract was due to expire.

Rates were locked in at a level far below that would have been experienced had the client waited for the existing contracts to run its course before agreeing their new deal.

We ensured all sites were successfully transitioned to the new contracts smoothly and without any issues.