Redundancies likely at UK energy supplier Utility Point – administrator

By Reuters

<div> <p><span class="caps">LONDON</span> – Redundancies are likely at British energy supplier Utility Point Limited, the company’s administrator Alvarez & Marsal Europe <span class="caps">LLP</span> (A&M) said on Thursday.</p> <p>Six British energy suppliers, with a total of around 1.5 million customers, have gone bust this month as spiralling energy wholesale costs have left some smaller firms struggling.</p> <p>Energy companies have sought government help to deal with the crisis, with more companies expected to struggle.</p> <p>Utility Point, based in Dorset in the south of England, employed 197 people. </p> <p>“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,” a statement from A&M said.</p> <p>“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,” Paul Berkovi, Joint Administrator said.</p> <p>“The business has faced a number of challenges and was unsuccessful in attempts to secure new investment,” he said.</p> <p>The company’s 220,000 customers will be transferred to <span class="caps">EDF</span>, Ofgem said previously. </p> <p/> </div>