Heathcoat Fabrics Limited

Heathcoat Fabrics Limited

We’ve locked in savings vs budget of 31% which amounts to £931,538 since the contract started in 2015.

Background

For larger energy users, a flexible contract is an attractive procurement solution as it allows businesses to take advantage of a volatile energy market and capitalise on the market highs and lows. Flexible tenders are in-depth and often include complex terms and conditions.

In addition to this there can be multiple products available with differing degrees of flexibility so it’s essential to find the right contract for your business.

Utilitywise works with Heathcoat Fabrics and provides a Risk Management service for their gas supply. The right contract was chosen following a thorough consultation to determine and prioritise the most important features to suit their business needs.

These key deliverables can be anything from contract features and functionality to client specific requirements and trading capability.

About Heathcoat Fabrics Limited

  • Leading supplier of engineered textile solutions
  • Based in Devon

Trusted advice

Prior to the start of the contract, a Risk Management committee was established between Utilitywise and Heathcoat to formalise the relationship, agree on strategy and outline the trading principles. This was formalised in a Risk Management Policy which is critical to trading execution and defines the requirements from each party. The Policy is reviewed each year and strategy meetings are more frequent to ensure contract performance.

To maximise the potential savings in the flexible energy contract, Heathcoat Fabrics has a team of experts to support them. A Risk Management Consultant offers ongoing advice and a dedicated Energy Trader is committed solely to tracking the market and making their trades.

To date we have locked in savings of 31% vs budget for their 32 month gas contract beginning in 2015. This equates to £931,538 and we are currently £1,009,606 below their original budget. Since February 2014 we have locked in savings vs original position of £893,445. Weekly position reports provide the client with key information on completion of trades.

Heathcoat Fabrics are very environmentally aware, creating solar power on site with hydro power expected to go live in summer 2017. In addition to this, they have their own CHP plant. They are currently in the process of replacing this with a newer model and the Utilitywise team are fully involved and in communication with the supplier to ensure the process is smooth and there is limited disruption to their supply.

Key Facts

  • Locked in savings vs budget of 31% which amounts to £931,538 since the contract started in 2015
  • Continuous review of strategy to ensure contract performance
  • Dedicated team to provide support and offer advice
  • Actively involved with ensuring smooth process and limited disruption during installation of new CHP plant

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