Toto Energy Ltd. (09256482): administration
- Status
- Administration ended
- Administration began
- 2019-10-30
- Administrators
- Stephen John Absolom, William James Wright, Nicholas Holloway
- Administrators' firm
- Interpath Advisory
- Formerly
- Covent Energy Limited
- Incorporated
- 2014-10-09
- Location
- London
- Industry
- 35140 Trade of electricity
Why it went into administration
- Regulatory change or action
- Cash flow / liquidity pressure
- Funding withdrawn / unable to refinance
From the administrators' statement
The Company was incorporated in October 2014, and its principal activity was as a domestic energy and gas retailer to approx. 140,000 domestic customers as at the date of appointment (Toto did not have commercial customers).
Prior to our appointment the Company employed 141 staff and traded from leased premises in Brighton. The Company's statutory directors were Christopher Allen, Paul Fitzgerald and Jim Butler. Chaitanya Parikh was also statutory director until his formal resignation on 26 September 2019. Jim Butler (CEO) and Simon Tovey (CFO) had day-to-day responsibility for running the Company.
On 23 October 2019, following an unsuccessful attempt to raise finance, the directors asked Ofgem to begin a Supplier of Last Resort process (SoLR). This process resulted in a transfer of all customers and their associated credit balances to EDF on 27 October 2019. Immediately following appointment the administrators agreed a transitional services agreement (“TSA”) with EDF to assist in transitioning services for the customers. This agreement also set out terms whereby EDF would collect the customer debts on behalf of the administrators.
Administrators' statement of proposals (2019-12-16) · Companies House register