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Octopus Energy makes Two Friargate move

Published: Friday 24 Nov 2023

Octopus Energy, the UK’s second-largest energy supplier, is to open a base at the flagship Two Friargate office scheme in Coventry.

The deal with Coventry City Council will see Octopus occupy over 10,000 sq ft of space, across one floor of the Grade A office building, which has been built with the help of a £50m investment by the West Midlands Combined Authority (WMCA).

The deal will also involve moving 150 staff to Friargate from the company’s Leamington office.

Octopus is expected to occupy space in Two Friargate by February 2024, initially taking one floor but with the prospect to keep growing their footprint in following years.

The flagship Two Friargate office development

The flagship Two Friargate office development

The company has held a presence near Coventry since 2019, when Octopus acquired Co-op Energy, and inherited their team and office in Leamington Spa.

After it reached capacity in Leamington, Coventry was chosen as the best place to continue growing the team.

With improved transport links for further staff recruitment and retention, the city allows Octopus to recruit young, new talent from Coventry’s two universities. The hiring practice mirrors its recruitment in other cities like Manchester, Leicester, Brighton and London.

Two Friargate is Coventry’s newest Grade A office building and the second building to be developed as part of the wider Friargate Business District.

Sitting adjacent to Coventry Railway Station, with fast connections to Birmingham, London, and Birmingham Airport, Octopus will benefit from a location adjacent to a major regional hub.

Two Friargate is also one of the region’s most sustainable office buildings. The building is expected to achieve a BREEAM Excellent rating, putting it amongst the top 10% of new buildings for sustainability.

Two Friargate is also connected to Coventry’s District Heating Network, providing access to more sustainable heating sources, and enjoys a WiredScore Platinum Rating for internet connectivity.

Andy Street, Mayor of the West Midlands and chair of the WMCA, said: “It’s great news that Octopus Energy have decided to invest in Coventry and it’s a real vote of confidence from them in our region.

“This significant commitment not only underlines the appeal of Coventry as a business destination but also the wider region’s reputation for innovation and growth.

“The establishment of their office at Two Friargate will create job opportunities for local people and power prosperity in the months and years ahead.”

Cllr Jim O’Boyle, cabinet member for jobs, regeneration, and climate change, at Coventry City Council, added: “Octopus Energy is one of the UK’s most well-known and exciting companies. They are leading the way on renewable energy supply and are highly rated by their customers and the sector.

“We’re pleased that Coventry will be pivotal to the company’s growth plans. Two Friargate can help drive that growth, given its location adjacent to one of the region’s most important transport hubs, and with a strong market for skills across Coventry and the wider region.

“The area around the station has really been transformed over recent year and both Two Friargate and Hotel Indigo are set to open soon – providing another boost and creating good jobs for local people.”

Rebecca Dibb-Simkin, Chief Marketing and Product Officer at Octopus Energy, said: “As a local to Coventry, I - along with many of our team - was very keen to find a great home base for our Leamington people, keep building our West Midlands team, and maintain a growing presence in the area.

“This new office in Friargate will enable more green jobs to come to the city, and more options for young people looking to stay in the area after university. We’re excited to partner with Coventry City Council on this deal and maintain a close relationship with the city for years to come.”

 

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