Gridserve, the electric vehicle (EV) charging network supported by figures including Sir Richard Branson, has reduced its workforce whilst reporting losses exceeding £80m in 2024, new filings have disclosed.
The Swindon-based company recorded a pre-tax loss of £82.7m for its most recent financial year, according to fresh accounts lodged with Companies House, as reported by .
This represents a deterioration from Gridserve's previous pre-tax loss of £54.8m in 2023.
The figures also demonstrate that the firm's workforce declined over the 12-month period from 320 employees to 239.
Nevertheless, the accounts have shown that Gridserve's turnover climbed in 2024 from £29.1m to £46.2m.
Gridserve raises extra £100m war chest
The financial results emerge just days following Gridserve's announcement that it had obtained £100m in fresh equity backing from several of its current investors.
TPG, Infracapital and Mitsubishi supplied the extra funding which will support the company's ambitions to broaden its EV charging network across º£½ÇÊÓƵ motorways.
Additional supporters of Gridserve include Sir Richard Branson's Rise Fund – established by TPG in 2016 – alongside Hitachi.
A declaration endorsed by the board stated: "2024 marked a breakthrough year for Gridserve during which we successfully refined out business strategy and optimised our organisational structure which has enabled the creation of a solid foundation for efficient and sustainable future.
"Further, we enhanced our focus on premium, high-yielding locations which maximising utilisation of existing sites."
"Our streamlined operations continue to deliver exceptional charging experiences that exceed customer expectations, strengthen brand loyalty and enhance our market leadership."
"The strategic decisions and focussed actions taken throughout 2024, which identified a number of assets which are not longer strategically aligned with Gridserve's future direction, including some stand-alone solar developments, low returning charging sites and acquired technology assets, have positioned Gridserve for accelerated growth in 2025 and beyond."
Gridserve was established in 2017 by Toddington Harper.
