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.
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’.
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.
BusinessLive is your home for business news from around the North West- and you can stay in touch with all the latest news from Greater Manchester, Liverpool City Region, Cheshire, Lancashire and Cumbria through our email alerts.
You can sign up to receive daily morning news bulletins from every region we cover and to weekly email bulletins covering key economic sectors from manufacturing to technology and enterprise. And we’ll send out breaking news alerts for any stories we think you can’t miss.
Visit our email preference centre to sign up to all the latest news from BusinessLive.
For all the latest stories, views, polls and more – and the news as it breaks – follow our BusinessLive North West LinkedIn page here.
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.”
Business News Governmental News Finance News
Need Your Help Today. Your $1 can change life.