Register to get free articles
Want unlimited access? View Plans
Already have an account? Sign in
Energy company Toto Energy has appointed KPMG as its administrator.
Steve Absolom and Will Wright were named as joint administrators of the project, after the company ceased trading last month.
The Brighton-based utilities company once provided energy and gas to 134,000 British customers, but collapsed earlier this year.
Ofgem announced that all 134,000 customers have been automatically transferred to EDF energy.
Paul Berkovi, director at KPMG, 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.”
Toto Energy currently employ 141 members of staff. Most are being retained to support the transfer of customers to EDF, and ensure outstanding credit balances are all transferred accordingly.
Beatrice Bigois, managing director of EDF, 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.”
