A Preston-based gas and electricity supplier with approximately 15,000 customers across the UK has stopped trading and entered administration.
Andrew Stone and Rick Harrison of Interpath Advisory have been appointed joint administrators of Gas and Power Ltd, which trades as HUB Energy.
The company ceased trading following the start of a Government-regulated process to appoint a Supplier of Last Resort (SOLR).
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As a result of that process, Ofgem has confirmed that all customers have been transferred to EON Next.
When the business entered administration it employed 29 members of staff, a number of which have been retained to work alongside the joint administrators to "enable the smooth transfer of customers to EON Next and to assist with the final billing process".
Andrew Stone, managing director at Interpath Advisory and joint administrator, said: "The company had been experiencing financial challenges for some time, exacerbated recently by significant cash flow pressures primarily due to being unable to buy wholesale energy on usual market credit terms.
"These factors, coupled with the ongoing high wholesale energy prices, left the company in an extremely challenging position.
"Against this backdrop, the director asked the regulator to run a Supplier of Last Resort process and subsequently appointed administrators to protect the interests of the company’s customers and creditors.
"Since appointment, we have been working closely with the team at EON Next to agree appropriate transfer procedures and terms, and we are pleased to be working closely with EON Next to ensure that customers receive a smooth transition to the new supplier."
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Interpath Advisory added that any transferred customers with an outstanding debt will be contacted to discuss repayment options in due course once a final billing process is concluded.
Customers who paid in advance to HUB Energy will have their credit balances protected by the SOLR, the firm also confirmed.
