Economy Energy Trading Limited (07513319): administration
- Status
- Administration ended
- Administration began
- 2019-01-14
- Administrators' firm
- Grant Thornton
- Formerly
- Power Assured Ltd
- Incorporated
- 2011-02-01
- Location
- 1 Oxford Street
- Industry
- 35130 Distribution of electricity
Why it went into administration
- Regulatory change or action
- Weather / natural events
- Supply chain disruption
- Cash flow / liquidity pressure
- Creditor pressure / legal action
From the administrators' statement
The Company’s principal activity is the retail supply of gas and electricity to approximately 230,000 domestic gas and electricity customers, of which approximately 180,000 are pre-payment customers, and a nominal amount of supplies are provided to small to medium-sized enterprises (SME customers).
The Company was incorporated in 2011 with a view to providing affordable energy, whilst delivering excellent service to both pre-payment meter and credit customers From 1 October 2012, the Company was a supplier of energy to domestic customers using prepayment meters only. In 2016, the Company began diversifying into domestic credit customers and from October 2016, it began to acquire significant numbers of credit customers.
The Campany is based at Friars House, Manor House Drive, Coventry and also operates a contact centre from Abbey Park, Stoneleigh. The Company employed 203 staff across both sites at the time of administration.
Administrators' statement of proposals (2019-03-16) · Companies House register