Alvarez & Marsal Europe LLP appointed administrators of People’s Energy Limited
On September 24, Jonny Marston, Rob Croxen and Paul Berkovi of professional services firm Alvarez & Marsal Europe LLP were appointed as joint administrators to People’s Energy (Supply) Limited, the energy supplier and The People’s Energy Company Limited, the 100% owner of People’s Energy (Supply) Limited.
Ofgem has transferred the c.360,000 customers of People’s Energy (Supply) Limited to British Gas, as part of the Supplier of Last Resort (SoLR) regulated process, which will ensure that customers’ supply is not interrupted.
The People’s Energy Company Limited was based in Shawfair, Scotland and employed c.460 people for the Group.
Regrettably, there are likely to be some redundancies, with a proportion of the staff being retained in the short term to assist with the transfer of customers to British Gas, raising of final bills, the credit-control process and help the Joint Administrators with their statutory duties.
Paul Berkovi, joint administrator, said: “Unfortunately People’s Energy, a company founded on strong ethical principles, has fallen victim to the very challenging conditions being experienced by UK energy retailers. This has led to the directors placing the company into administration. In the coming days we will be focusing on working with affected employees and discussing transitional arrangements with the appointed supplier for People’s Energy customers, British Gas.”