The staff of Utility Point, one of the suppliers that went bust in the last couple of weeks, will be made redundant, the joint administrators of the failed suppliers confirmed.
The Dorset-based supplier that ceased to trade on 14th September employed 197 people.
Ofgem has transferred the company’s 220,000 customers to EDF, as part of the Supplier of Last Resort process.
In a statement Rob Croxen, Paul Berkovi and Mark Firmin of professional services firm Alvarez & Marsal Europe LLP that have been appointed as joint administrators to the supplier said: “Regrettably, there are likely to be some redundancies, with a proportion of the staff being retained in the short term to assist with the transfer of customers to EDF, raising of final bills, the credit control process and help the joint administrators with their statutory duties.”
Paul Berkovi, Joint Administrator, said: “The UK’s energy retail sector is facing well-documented challenges and against this backdrop, Utility Point’s Directors have taken the difficult decision to appoint administrators.
“Despite the best efforts of the Directors, the business has faced a number of challenges and was unsuccessful in attempts to secure new investment.”