Controversial green energy firm goes bust and forced to appoint administrators

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.”


Share this article



Latest Businesses for Sale

Industrial & Commercial Conveyor Services
Midlands, UK Wide

Well Established Company Specialising in Preventative Maintenance Services for Commercial / Industrial Conveyor Systems. Reason For Sale: Retirement. Offers invited.

Asking Price: Offers Invited
Turnover: £350,000

Freight Forwarding Services
North West, UK

The Business is a leading UK Freight Forwarder specialising in Global 'Deep-Sea' Logistics. Leading UK Company with a Trusted Reputation. Experts in Global ‘Deep Sea’ Logistics. Area of Business: UK / International. Offers invited.

Asking Price: Offers Invited
Turnover: £1,800,000

Consultancy Service for Decommissioning & Demolition Projects
UK Wide

Provides consultancy services for decommissioning and demolition projects for clients in a range of sectors. Specialists in the offshore and nuclear decomissioning sectors. Receives regular, repeat business from a range of clients in the nuclear, sal...

Asking Price: Offers Invited
Turnover: £685,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
17
 
Sep
 

Impact REIT snaps up Suffolk-based Cardinal Healthcare business | BUSINESS SALE

Impact REIT has successfully acquired Cardinal Healthcare, a...

 
16
 
Sep
 

Cheshire-based SRL Traffic Systems completes MBO | MBO/MBI

SRL Traffic Systems, a manufacturer and supplier of portable...

 
13
 
Sep
 

AFH Financial Group acquires two firms for £7.2 million | BUSINESS SALE

AFH Financial Group, a listed wealth management firm headqua...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources