Wed, 13 Nov 2019 | ADMINISTRATION
Brighton-based utilities company Toto Energy has gone into administration, appointing KPMG. Toto’s 134,000 customers have automatically been transferred to EDF Energy by Ofgem.
EDF will now work to ensure that all of the outstanding credit balances are transferred for current customers and repaid to customers who had left Toto with an outstanding credit balance.
EDF Managing Director Beatrice Bigois said: “We are pleased to be able to step in to support the customers of Toto Energy, who will have been concerned to hear that their existing supplier had stopped trading.”
“They should feel reassured that with EDF Energy, they will be moving to an experienced and reliable supplier, with a good track record for customer service. All current and former domestic customers’ credit balances will be protected and their supply will continue uninterrupted.”
KPMG Director Paul Berkovi, meanwhile, said: “For some time now, the UK’s energy retail sector has faced well-documented challenges and, against this backdrop, Toto Energy’s directors have taken the difficult decision to appoint administrators. Despite the best efforts of the directors, the business has faced significant cash flow problems and was unsuccessful in its attempts to secure new investment.”
“We have secured a deal to assist in providing a smooth transition for customers however there will unfortunately still be redundancies. Focus for the administrators in the coming days will be in supporting affected employees.”
The administration is one of the latest signs that the recent disruption of the UK’s energy and utilities markets by smaller firms may only be temporary. KPMG has recently acted as administrator Manchester-based provider Eversmart Energy, which had faced similar issues due to volatility in the sector.
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