Wed, 11 Sep 2019 | ADMINISTRATION
A small energy supplier providing green energy to 29,000 households and small businesses has ceased its trading operations and collapsed into administration.
Eversmart Energy has become the sixth energy supplier in the UK to go bust this year, and the 13th since the start of 2018. The company, however, did not cite a reason for its collapse.
Ofgem, the industry regulator, stepped in and said it would appoint another energy company to take on Eversmart Energy’s customers, and advised them not to make a switch until a new provider had been processed.
Ofgem’s director for future retail markets, Philippa Pickford, said: “Eversmart Energy customers do not need to worry, as under our safety net we’ll make sure your energy supplies are secure and domestic customers’ credit balances are protected.
“Ofgem will now choose a new supplier for you and whilst we’re doing this our advice is to ‘sit tight’ and don’t switch. You can rely on your energy supply as normal. We will update you when we have chosen a new supplier, who will then get in touch about your new tariff.”
Eversmart Energy received 225 complaints in the first eight months of 2019, up from just 55 in the previous year. In addition to this, the company was thought to be incredibly controversial for charging its customers an up-front amount of roughly £1,000 for a year’s worth of energy supply.
Chief executive of the Energy Ombudsman, Matthew Vickers, said: “We have seen a significant increase in complaints about Eversmart Energy, receiving four times as many complaints so far this year as we did in the whole of last year.
“Billing and switching problems have been the main drivers of unresolved complaints about the company.”
The chief executive of the Citizens Advice, Gillian Guy, added: “When a supplier goes bust, customer credit balances are protected. But all of us will eventually pay for honouring them through increased bills.”
Turnover in excess of £1.2m in YE20 with an adjusted EBITDA of £129k. Works on house of multiple occupants (HMO), commercial-to residential and single let projects throughout Northern England. Offers a full project managed turnkey service, which incl...
LEASEHOLD
A recognised provider of educational and occupational psychology services to the higher education sector, schools and colleges and to businesses in the UK.
FREEHOLD
A successful and reputable business which has been operating for over 57 years. Offers a comprehensive range of cable management, fixings and complementary support products, primarily for the benefit of contractors managing commercial projects.
FREEHOLD
|
24
|
|
Feb
|
Nestlé acquires recipe kit firm SimplyCook | BUSINESS SALE
Nestlé has strengthened its position in the e-commerc...
|
23
|
|
Feb
|
Lockdown exit: What does the road map look like for UK businesses? | BUSINESS NEWS
After a winter spent almost entirely in lockdown, the govern...
|
22
|
|
Feb
|
Modular Group acquires Euramax Solutions with BFS backing | BUSINESS SALE
Modular Group Investments has acquired Barnsley-based window...
Sign up to receive our acquisition alert emails to get your FREE guide
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources