Usio Energy Supply Limited (10167444): administration
- Status
- Administration ended
- Administration began
- 2018-10-19
- Administrators' firm
- FRP Advisory
- Formerly
- Golding Energy Limited
- Incorporated
- 2016-05-06
- Location
- London
- Industry
- 35140 Trade of electricity
Why it went into administration
- Regulatory change or action
- Creditor pressure / legal action
- Sustained trading losses
From the administrators' statement
Usio commenced trading in the summer of 2017 as a retail energy supply business, By October 2018 the business had approximately 7,000 domestic customers and employed 24 members of staff from its head office premises in Central London. The latest management accounts showed turnover of £709k for the 7 months to 19 October 2018.
The Company had been loss making and was funded by way of shareholder loans from its Parent totalling £1.04m.
Administrators' statement of proposals (2018-12-24) · Companies House register