Together Energy Limited appoints FRP as administrators
It added its Restructuring Advisory team, led by Allan Kelly, has supported seven SoLR procedures since February 2019
FRP Restructuring Advisory has announced its partners Allan Kelly, Steve Ross and Michelle Elliot, have been appointed as joint administrators of Together Energy Limited.
Kelly and FRP Restructuring Advisory partner Anthony Collier have also been appointed to its wholly owned subsidiary Together Energy (Retail) Limited.
The company, which operated the Together Energy and Bristol Energy brands, was a domestic and business supplier that ceased supply on 23 January 2022 as a result of the significant increase in wholesale energy costs affecting the UK energy market.
In order to ensure continued customer supply, the industry regulator Ofgem, began a Supplier of Last Resort (SoLR) process and appointed British Gas as the new supplier for existing Together Energy and Bristol Energy customers.
FRP said its team will now continue to work closely with Ofgem and British Gas to ensure that all customers transfer to the new supplier “smoothly”.
The SoLR process is a protective measure for energy customers, designed to ensure a continuity of supply for consumers when an energy supplier fails.
It added its Restructuring Advisory team, led by Kelly, has supported seven SoLR procedures since February 2019 – helping the energy regulator, distressed firms and new suppliers together navigate the process to deliver the “best possible” outcomes for stakeholders.
Kelly said: “The challenges facing the UK energy sector have been well-documented and Together Energy, like many other operators, was unable to navigate through the difficulties caused by the significant increase in wholesale energy costs.
“As Joint Administrators our initial focus is continuing to trade the companies to provide final accounts for customers and ensure a smooth transfer to British Gas. Customers are requested to provide their final metre reads to Together Energy as soon as possible to help this process.”
He added: “The joint administrators are currently reviewing the operations and, where employees of Together Energy are to be made redundant, we will be supporting them in making claims to the Redundancy Payments Service at what we know will be an extremely difficult time.
“We will also be undertaking our statutory duty to maximise any potential returns for creditors and will provide them with an update in due course.”
