Gateshead's Thrift Energy Group becomes UK's largest employee-owned retrofit business

Thrift Energy Group, the leading retrofit and energy efficiency specialist, has transitioned to an Employee Ownership Trust (EOT) – becoming one of the UK’s largest employee-owned business in the retrofit sector.

The milestone move transfers the company to an EOT for the benefit of its people, with founder Derek Campbell stepping down to become Non-Executive Chairman after more than four decades in the industry.

Directors Rob Browne and Josh Raffo remain in place to lead the company and drive forward its ambitious growth plans.

The decision to move to employee ownership follows a period of continued investment in the Group’s people and capability. Over the last 12 months, Thrift Energy Group, which incorporates Thrift Energy and Provincial Seals (PSL), has recruited and reinvested across the business, strengthening its structure and growing its headcount to 116, with the majority of employees based at its Gateshead headquarters.

The move comes as the Government publishes its Warm Homes Plan, a £15billion commitment over the next five years to cut bills, increase the number of homes powered by solar energy and accelerate heat pump installations in a drive to tackle fuel poverty.

Thrift Energy Group is focused on being ready to scale delivery and help turn national funding into completed retrofit projects across the North East, where an estimated 14.4%* of homes are in fuel poverty.

The Group has already helped thousands of UK homes and businesses unlock more than £96m in government funding, while reskilling and upskilling the green energy workforce and supporting the delivery of sustainable commercial spaces nationwide.

As part of its succession planning and commitment to its people, the Group is launching the Thrift Energy Group Academy, a new initiative designed to fund and support Thrift employees in gaining further qualifications.

From retrofit assessors to project managers and quantity surveyors, employees will be empowered to chart their own career paths, strengthening both their individual development and the Group’s future offer.

The new Academy will draw on the training expertise within Thrift Energy Group’s Provincial Seals business, which is an ABBE and GQA-approved NVQ training provider.

Provincial Seals will also play a key role in supporting wider access to the retrofit industry across the region, helping to deliver the additional 180,000 professionals needed to deliver the UK government’s Warm Homes Plan.

Rob Browne, Managing Director, said: "When we looked at the future of Thrift Energy Group, we explored all the options, but what became clear very quickly was that we didn’t want anything to change.

“We’ve loved building this business alongside our team, and we want to keep doing that – focusing on our customers, culture, values and people.

"An EOT allows us to do that, with the added benefit that our team now gets to share in our financial success too.”

Josh Raffo, Commercial Director, added: "We were determined to ensure Thrift remained a Gateshead business, supporting people across the North East and creating jobs in the region, while also building the capacity and capability needed to scale delivery as national retrofit programmes ramp up and play a key role in lifting local people out of fuel poverty.

“As an employee-owned business, one of our key priorities for 2026 is the introduction of The Thrift Energy Group Academy.

"This will be one of the first initiatives we focus on as we continue to invest in upskilling our team, including the creation of apprenticeship opportunities.

"By supporting our people to gain further qualifications and providing clear career progression pathways, we’re strengthening both our workforce and the service we deliver to our customers.”

The move to employee ownership underscores Thrift’s long-term commitment to building a greener and more affordable future – powered by its people.