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.”
Provides a comprehensive range of M&E installation services, including design of electrical data security, plumbing, heating, ventilation, air conditioning (HVAC) systems, fire alarms and maintenance.
LEASEHOLD
A member of the Legionella Control Association. Comprehensive service offering, including water hygiene, legionella management, legionella risk assessments, sampling, installation of water softeners, cleaning, disinfection, water treatement and pre-c...
LEASEHOLD
Highly regarded service provider operating for over three decades with complete transparency and an ethical approach. Offers recruitment services for organisations across the region, sourcing commercial, executive and blue-collar operatives. Retains...
LEASEHOLD
|
30
|
|
Jul
|
UK insolvencies rise 31 per cent in Q2 | BUSINESS NEWS
According to figures from The Insolvency Service, company in...
|
30
|
|
Jul
|
Newcastle-based construction firm enters administration | ADMINISTRATION
Newcastle-based contractor Kapex Construction Limited has en...
|
29
|
|
Jul
|
Embark Group acquired by Lloyds at 11.6x revenue | BUSINESS SALE
Savings and pensions provider Embark Group has been acquired...
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