Sir Richard Branson-backed Gridserve cuts jobs as it loses over £80m
Gridserve, the electric vehicle (EV) charging network whose investors include a fund backed by Sir Richard Branson, cut jobs as it lost more than £80m in 2024, it has been revealed.
The Swindon-headquartered business has reported a pre-tax loss of £82.7m for its latest financial year, according to new accounts filed with Companies House.
Gridserve had previously posted a pre-tax loss of £54.8m in 2023.
The results also show the firm’s headcount reduced in the 12 months from 320 to 239.
However, the accounts have also revealed Gridserve’s revenue increased in 2024 from £29.1m to £46.2m.
Gridserve raises extra £100m war chest
The results come days after Gridserve announced it had secured £100m in new equity investment from a number of its existing shareholders.
TPG, Infracapital and Mitsubishi provided the additional capital which will be used to support the company’s bid to expand its EV charging infrastructure on UK roads.
Other backs of Gridserve include TPG’s Rise Fund, whose backers include Sir Richard Branson, and Hitachi.
A statement signed off by the board said: “2024 marked a breakthrough year for Gridserve during which we successfully refined out business strategy and optimised our organisational structure which has enabled the creation of a solid foundation for efficient and sustainable future.
“Further, we enhanced our focus on premium, high-yielding locations which maximising utilisation of existing sites.
“Our streamlined operations continue to deliver exceptional charging experiences that exceed customer expectations, strengthen brand loyalty and enhance our market leadership.
“The strategic decisions and focussed actions taken throughout 2024, which identified a number of assets which are not longer strategically aligned with Gridserve’s future direction, including some stand-alone solar developments, low returning charging sites and acquired technology assets, have positioned Gridserve for accelerated growth in 2025 and beyond.”
The company was founded in 2017 by Toddington Harper.