Howard Smith and Steve Absolom from Interpath Advisory have this week been appointed joint administrators to Social Energy Supply Limited.
Based in Brighouse and Gloucester, Social Energy Supply Limited was a dual-fuel energy supplier to approximately 5,500 domestic customers.
Like a number of other retail suppliers, the company had experienced significant financial challenges as a result of the recent well-publicised material increases in wholesale gas prices. After exploring their options, the directors opted to initiate a Supplier of Last Resort (‘SOLR‘) process.
The company announced on 16 November 2021 that it was going to cease to trade, with Ofgem subsequently appointing British Gas as the new supplier for all Social Energy Supply customers.
Howard Smith, joint administrator and Managing Director at Interpath Advisory, said: “Social Energy Supply Limited was founded on the principles of delivering 100% renewable energy to customers while making bills more affordable. Regrettably however, the recent issues affecting the wider energy sector meant that the business was not able to secure sufficient funding to enable trading to continue.
“Our priority over the coming days is to work closely with British Gas to ensure a smooth transition for all Social Energy Supply customers.”
The Company was part of Social Energy Group, which supplies domestic, commercial and social housing customers with solar panels and battery storage. Social Energy Group is unaffected by the administration and continues to trade. All 23 members of staff employed by Social Energy Supply Limited have transferred to Social Energy Group.