Belco Holdings is poised to sell off its energy conservation subsidiary, Belco Energy Services Company Limited (Besco). In its earnings statement yesterday, Belco said the sale of its 51 percent stake to Besco?s minority shareholder, New Venture Holdings, would allow Belco to focus on its core electric and gas operating businesses. The sale comes just a year after Belco announced that it had sold 49 percent of Besco to New Venture, which is also the parent company of Air Care, Mechanical Solutions, Holmes Williams & Purvey, the Elite Group and CCS. Last year, Belco president and chief executive officer Garry Madeiros said that partial sale could boost Belco?s overall earnings power with the partnership enabling ?greater cross-customer selling and synergies that Besco could not realise as a separate entity.?

A spokeswoman said yesterday, however, that although ?it has not been as successful as hoped?, the only reason for the sell off was to allow Belco to focus on its core businesses. Besco was incorporated by Belco in 1995 to offer customised energy solutions for large commercial businesses as well as power protection services for smaller businesses and the home.