Utility Exchange Online Limited (06712937): administration
- Status
- Administration ended
- Administration began
- 2021-07-14
- Administrators
- David Robert Acland, Anthony Collier
- Administrators' firm
- FRP Advisory
- Formerly
- Contracts Warehouse Limited
- Incorporated
- 2008-10-01
- Location
- Manchester
- Industry
- 46120 Agents involved in the sale of fuels, ores, metals and industrial chemicals
Why it went into administration
- Creditor pressure / legal action
- COVID-19
- Cash flow / liquidity pressure
- Weather / natural events
From the administrators' statement
The Company was incorporated in 2008 and traded as a market leading energy comparison provider to SMEs and had relationships with over 25 energy providers.
As at the Joint Administrators’ appointment the Company employed 26 employees at its leasehold premises in Derby and Manchester, albeit the majority of staff had been placed on furlough for several months.
The business generated revenue through commission payments from energy suppliers which were triggered when a customer introduced by the Company enters into a contract with the provider. Revenues were earned from both new customer sign-ups and the renewal of existing customers.
Administrators' statement of proposals (2021-08-05) · Companies House register