Administrators have been appointed to North West energy firm PfP, with the firm's customers set to transfer to British Gas.
Paul Berkovi, Paul Flint and Rob Croxen of Alvarez & Marsal Europe LLP have today been appointed as joint administrators to PFP Energy Limited and PFP Energy Supplies Limited - a firm that supplied gas and electricity to around 66,000 domestic and 25,000 non-domestic customers.
On September 11, Ofgem transferred the Lancashire company’s customers to British Gas, as part of the 'Supplier of Last Resort' regulated process after the firm ceased trading.
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It comes as the UK energy crisis continues - with many firms fighting for survival amid rising wholesale prices. It was warned earlier this week that the current gas price crisis combined with rising inflation and supply chain shortages could mean a 'very cold winter'.
Alvarez & Marsal said energy supplies have remained "secure" throughout the process and both commercial and domestic credit balances have been protected as part of the transition.
PFP was based in Preston and employed around 50 people. Administrators said it is likely that a "proportion" of the staff will be retained in the short term to assist with the transfer of customers to British Gas, raising of final bills, to assist with the credit control process and assist the with statutory duties.
Mr Flint said: “The UK’s energy retail sector is facing well-publicised issues. PFP has unfortunately been unable to avoid the challenges it and other suppliers have faced and, against this backdrop, the company has taken the difficult decision to appoint administrators.
"The focus for the administrators in the coming days will be in supporting employees and working with British Gas on a smooth transition for customers.”
