Green Network Energy Ltd (09523066): administration
- Status
- Administration ended
- Administration began
- 2021-02-02
- Administrators' firm
- Deloitte
- Formerly
- Zephyr Energy Supply Limited
- Incorporated
- 2015-04-01
- Location
- Birmingham
- Industry
- 35130 Distribution of electricity
Why it went into administration
- Energy costs
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Regulatory change or action
- Competition / price pressure
From the administrators' statement
During the winter of 2020/21, the market experienced adverse movements in wholesale gas and power alongside an increase in volume demand from customers. This led to increased losses and cash flow pressures which ultimately led to a default on the Company's trading credit facility with the secured creditor SmartestEnergy Limited (“the Secured Creditor” /*SEL”).
Steps taken to remedy/turnaround and involvement of Deloitte pre-appointment
Due to the challenges to profitability in the UK energy market the directors were exploring the options for GNE during 2020.
Administrators' statement of proposals (2021-04-07) · Companies House register