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London SMEs least likely to re-negotiate energy bills despite £511m-worth of potential savings

SMEs in London are some of the least likely in the country to re-negotiate their energy bills according to research carried out by YouGov.

The survey, which was commissioned by npower Business, found that only 23% of London-based SMEs surveyed re-negotiated their energy bills last year.

This is despite findings that, of those London SMEs who did renegotiate their deals with energy suppliers, two-fifths (41%) saved up to £10,000 in the past year, representing almost £511m-worth of potential savings across the UK SME sector as a whole.

Figures for elsewhere in the UK fare up slightly more favourably, although not by much, with 29% of Yorkshire and the Humber SMEs surveyed renegotiating their energy bills, while 30% of North West SMEs admit to bartering with suppliers.

The survey has been conducted to launch npower Business’ new campaign that encourages small businesses owners to hone their bartering skills.

Philip Scholes, Head of npower Business, said: “This research shows that businesses across the UK are reaping the dividends of negotiating their supplier contracts. However, not all firms are entering discussions with their provider, which could prove to be a missed opportunity in the long term.

“That’s why we launched this campaign - we’d encourage all British businesses to look at their supplier costs, and particularly their annual energy costs, to help improve their bottom line.”

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