Utility Point Limited (10610614): administration
- Status
- Administration ended
- Administration began
- 2021-09-22
- Administrators' firm
- Alvarez & Marsal
- Formerly
- Washington Energy Limited
- Incorporated
- 2017-02-09
- Location
- Brighton
- Industry
- 35140 Trade of electricity
Why it went into administration
- Regulatory change or action
- COVID-19
- Energy costs
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Supply chain disruption
- Loss of a key customer, supplier or contract
From the administrators' statement
The Company was incorporated on 9 February 2017, under company number 10610614, and is wholly owned by two individuals, Benjamin Bolt and Simon Yarwood. The Company is based in Poole, Dorset and had approximately 197 employees at the time it entered into administration.
Prior to the SoLR process, which is described further below, the Company was an energy supply business licenced by Ofgem to supply gas and electricity to domestic and business customers, supplying approximately 230,000 domestic customers.
The Company had no energy generating capacity of its own. As a result, it purchased all electricity and gas needed for consumption by its customers from other participants in the wholesale energy markets.
Administrators' statement of proposals (2021-11-10) · Companies House register