Fri, 20 Aug 2021 | ADMINISTRATION
Administrators from business advisory firm ReSolve have been appointed to B2B gas installation platform Hiber Energy and are now marketing the company and some of its assets for sale.
Hiber Energy is a Software-as-a-Service (SaaS) enabled B2B firm designed to streamline the business of gas engineers and enable them to run their entire operation through the platform, which is available as an Apple or Android app.
Via the app, engineers can connect with local business merchants, send quotes and invoices, and take payment. Hiber Energy, which also simplifies processes such as pricing and acquiring parts, has attracted strong reviews from users, with many engineers reporting that it has improved their working capital.
The company had been registering solid performance prior to the Covid-19 pandemic, with 30 per cent month-on-month installations growth. However, the onset of the pandemic negatively impacted the business, causing it to enter administration.
In its last available accounts at Companies House, the firm had around £3.4 million in total assets, with £7.2 million in net liabilities.
ReSolve Managing Partner Mark Supperstone commented: “Hiber Energy has been another unfortunate casualty of the pandemic-induced slowdown in economic activity that has affected a great many industries and sectors.
“The company had invested significantly into its platform and seen some excellent growth prior to the pandemic. We believe there is lots of potential left in the platform, which could be widely used by a range of different tradespeople.”
Read more about acquiring app-based businesses here.
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