Andrew Stone and Rick Harrison of Interpath Advisory were appointed Joint Administrators of Gas and Power Limited trading as HUB Energy (the ‘Company’) on 13 August 2021.
Preston-based HUB Energy supplied gas and electricity to approximately 15,000 domestic and non-domestic customers across the UK.
The Company ceased trading on 9 August 2021 following the commencement of a government-regulated process to appoint a Supplier of Last Resort (‘SOLR‘). As a result of that process, Ofgem have confirmed that all customers have been transferred to EON Next.
As at the date of appointment, the Company employed 29 members of staff, a number of which have been retained to work alongside the Joint Administrators to enable the smooth transfer of customers to EON Next and to assist with the final billing process.
Andrew Stone, Managing Director at Interpath Advisory and Joint Administrator, said: “The Company had been experiencing financial challenges for some time, exacerbated recently by significant cash flow pressures primarily due to being unable to buy wholesale energy on usual market credit terms. These factors, coupled with the ongoing high wholesale energy prices, left the Company in an extremely challenging position. Against this backdrop, the Director asked the Regulator to run a Supplier of Last Resort process and subsequently appointed administrators to protect the interests of the Company’s customers and creditors.”
“Since appointment, we have been working closely with the team at EON Next to agree appropriate transfer procedures and terms, and we are pleased to be working closely with EON Next to ensure that customers receive a smooth transition to the new supplier.”
Any transferred customers with an outstanding debt will be contacted to discuss repayment options in due course once a final billing process is concluded. Customers who paid in advance to HUB Energy will have their credit balances protected by the SOLR.
Further information can be found on the Ofgem website here – https://www.ofgem.gov.uk/publications/ofgem-protects-customers-failed-supplier-hub-energy
Further FAQs can also be found here - www.eonnext.com/hub-energy.
