Tonik Energy Limited (09812673): administration
- Status
- Administration ended
- Administration began
- 2020-10-12
- Administrators' firm
- Deloitte
- Formerly
- Pilot Energy Limited
- Incorporated
- 2015-10-07
- Location
- Birmingham
- Industry
- 35140 Trade of electricity
Why it went into administration
- Cash flow / liquidity pressure
- Regulatory change or action
- COVID-19
- Rising costs / inflation
- Sustained trading losses
- Competition / price pressure
From the administrators' statement
Whilst Tonik had been growing its customer numbers, it had not yet achieved the critical mass to consistently deliver break even or profitable trading.
Tonik was also impacted by difficulties with a systems migration programme. This resulted in a growing customer service challenge which increased costs during March to September 2020.
The increase in billing related issues and unbilled revenue put further pressure on working capital through a reduction in cash collections.
Administrators' statement of proposals (2020-12-09) · Companies House register