OUR Power Energy Supply Limited (09134997): administration
- Status
- Administration ended
- Administration began
- 2019-01-31
- Administrators
- Alistair Mcalinden, James Alexander Dewar
- Administrators' firm
- KPMG
- Formerly
- Rhodium Energy Supply Limited
- Incorporated
- 2014-07-17
- Location
- London
- Industry
- 47990 Other retail sale not in stores, stalls or markets
Why it went into administration
- Regulatory change or action
- Competition / price pressure
- Cash flow / liquidity pressure
- Sustained trading losses
- Management failings / irregularities
- Energy costs
- Parent or group failure
From the administrators' statement
The Company, which was incorporated on 17 July 2014, was the key trading entity within the Our Power Group set up by a number of Scottish Housing Associations to supply retail gas and electricity. The Company was a wholly owned subsidiary of Our Power Community Benefit Society Limited, a social enterprise aimed at making energy fairer and reducing levels of fuel poverty. To achieve this, the Company sought to reduce heat and fuel costs by passing on financial benefits from the energy sector to the communities it serves by finding the most efficient ways to operate; by generating its own power; and, by reinvesting any profits to benefit its customers and their communities.
Initial working capital was secured in July 2015 and the Company entered the domestic energy supply market in early 2016. The Company initially focused on a “void” switching model, working with Housing Association and Loca! Authority members/partners switching energy supplier of their void units to the Company with the hope that tenants, once in occupation, would remain with the Company. The Company spent 12 -18 months developing this model before opening its business up in October 2017 to the wider population in Scotland, followed by England and Wales in early 2018.
By early 2019, the Company was supplying c.31,000 domestic customers, c.500 gas only domestic customers and a small number of commercial customers, predominantly based in Scotland (c.80% of the total customer base were Scottish).
Administrators' statement of proposals (2019-04-11) · Companies House register