Accounting Firms

Azets appointed administrator of Symbio Energy Limited

Symbio Energy, which fell into administration, stated that all customers have been transferred to E.ON Next as part of the industry regulator Ofgem's Supplier of Last Resort (SOLR) mechanism

Azets has announced that two of its colleagues have been appointed joint administrators of Symbio Energy Limited.

Symbio Energy, which fell into administration, stated that all customers have been transferred to E.ON Next as part of the industry regulator Ofgem’s Supplier of Last Resort (SOLR) mechanism.

Nicola Clark, joint administrator, Azets said: “Wholesale energy prices have soared and the challenges facing the energy sector are well documented. As a result of these rising prices, Symbio has turned into a loss making business almost overnight.

“As a small, challenger technology business, Symbio unfortunately doesn’t have the capital to weather the storm.”

Colin Haig, head of restructuring, Azets, added: “Administrators can’t magic away the seismic disruption in the energy sector.

“What they can try to do is proactively support the transfer of data in the SOLR process and effect the realisation of assets in a calm and sensible way so disruption and grief for consumers is minimised.”

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