Daisy Energy Supply Ltd (09689195): administration
- Status
- Administration ended
- Administration began
- 2020-12-07
- Administrators' firm
- Deloitte
- Incorporated
- 2015-07-16
- Location
- Birmingham
- Industry
- 35140 Trade of electricity
Why it went into administration
- Regulatory change or action
- Cash flow / liquidity pressure
- Competition / price pressure
From the administrators' statement
AS a comparatively new energy supply business, the Company's strategy to grow the customer base required third party investment to support the working capital requirements and provide a platform for the Company to begin to trade profitably.
Whilst Yorkshire Energy had been growing its customer numbers, it did not achieve the critical mass to deliver a breakeven result.
This was primarily due to high wholesale energy procurement costs given movements in wholesale markets; increases in certain regulatory costs; limited access to working capital and funding to facilitate growth in its customer base.
Administrators' statement of proposals (2021-02-02) · Companies House register