Octopus Energy strikes deal to relocate staff to Coventry

The firm's new office will be based in the Friargate development next to Coventry's railway station

Energy firm Octopus Energy has agreed a deal to open a new office in Coventry.

The company said it would initially employ about 150 staff at the office, located in the new Friargate Two building, next to Coventry's railway station.

But the city council, which jointly owns the Friargate development with a construction firm, said there was an agreement in place to let the company further expand.

The move will mean the closure of the firm's existing office in Leamington Spa.

A spokesman for Octopus Energy told the BBC the move was decided after reaching capacity in that office and it also saw moving to a city with two universities as a good opportunity for recruitment.

"Coventry is still close by but has improved transport links for further staff recruitment and retention," he added.

Octopus Energy currently has an office in Leamington Spa, Warwickshire

Remaining in Leamington would stifle their growth, he said, and the new office would open in late January.

Staff in the town were set to move to Coventry in February at the earliest but the firm did not confirm if all would relocate.

Octopus said it was also expecting to announce the completion of a takeover bid for rival firm, Shell Energy, in the coming weeks, subject to approval by regulator Ofgem.

Shell Energy currently employs hundreds of people at its office in Westwood Business Park, Coventry.

Octopus said it wasn't able to confirm what would happen with Shell Energy staff until the deal was formally completed but did confirm there was the potential to take additional space at Friargate Two.

Councillor Jim O'Boyle described the move as a "vote of confidence" in Coventry

Councillor Jim O'Boyle, cabinet member for jobs at the council, said the move by the energy firm was a "vote of confidence" in Coventry.

Asked about the potential to take even more space in the building, Mr O'Boyle said: "We're in conversation with them. I'm sure when they're in a position to make a further announcement they will."