Spark Energy Supply Ltd (05857467): administration
- Status
- Administration ended
- Administration began
- 2018-11-28
- Administrators' firm
- KPMG
- Formerly
- Crowthorne GAS Supply Limited
- Incorporated
- 2006-06-26
- Location
- Leeds
- Industry
- 35140 Trade of electricity
Why it went into administration
- Regulatory change or action
- Funding withdrawn / unable to refinance
- Property / lease costs
- Parent or group failure
From the administrators' statement
The Company was a retail energy supplier, and traded from its headquarters in Selkirk, Scottish Borders, since its incorporation in June 2006. Its operations grew steadily over time, benefitting from market deregulation encouraging new retail energy companies to enter the market and challenge the market dominance of the “Big 6” energy companies. At the time of the administration the Company had approximately 280,000 customers.
The Company's key route to market, which facilitated this growth, was agreements it entered into with some of the Uk’s largest letting agencies. When a landlord’s property became vacant, the letting agency would replace the incumbent energy supplier with the Company, who would then supply energy to the property for the vacant period, and often continue once a new tenant had taken over the property.
The Company formed part of a group of companies. Within the Group, the Company held the customer contracts, the Ofgem licences and the energy operational contracts. All employees were engaged by SEL, which is the entity that also collected the Company's revenue on its behalf, and paid for the Company’s supplies, with the transactions being reflected via inter-company accounts. The group structure shortly before the administration date, is set out below.
Administrators' statement of proposals (2019-02-27) · Companies House register