Job cuts at Gridserve following 2024 losses

The UK-based charge point operator has reduced its headcount by 81 staff following a pre-tax loss of £82.7m in 2024. However, the company has managed to secure a further £100m in equity and increase its revenue.

Gridserve, which operates almost 200 charging hubs across the UK, also posted losses of £54.8m pre-tax in 2023 – meaning it has now made significant losses for the past two years. According to the firm’s accounts filed with Companies House, it did however increase its revenue in 2024 from £29.1m to £46.2m, suggesting sustained growth despite losses.

This follows a recent announcement by Gridserve that it has landed £100m in investment from several of its existing shareholders, including TPG, Infracapital, and Mitsubishi. The company plans to use this capital to expand its EV charging network across the UK. Its existing charging network is made up of a variety of hubs including ‘Electric Hubs’, ‘Electric Super Hubs’, and ‘Electric Forecourts’ with around 1500 charging bays. There is no mention of whether the money will be used for an international expansion beyond the UK.

Amidst all of this, Gridserve has framed the 2024 results as a ‘breakthrough year’. In a statement, the firm described it as a year in which “we successfully refined our business strategy and optimised our organisational structure”. A statement by the board said: “Our streamlined operations continue to deliver exceptional charging experiences that exceed customer expectations, strengthen brand loyalty and enhance our market leadership.”

It added: “The strategic decisions and focused actions taken throughout 2024, which identified a number of assets which are no longer strategically aligned with Gridserve’s future direction, including some standalone solar developments, low returning charging sites and acquired technology assets, have positioned Gridserve for accelerated growth in 2025 and beyond.”

cityam.com