Neon Reef Limited (10871657): administration
- Status
- Administration ended
- Administration began
- 2021-11-24
- Administrators' firm
- Alvarez & Marsal
- Formerly
- Oregon Energy Limited
- Incorporated
- 2017-07-18
- Location
- Brighton
- Industry
- 35140 Trade of electricity
Why it went into administration
- Regulatory change or action
- COVID-19
- Energy costs
- Cash flow / liquidity pressure
- Supply chain disruption
- Loss of a key customer, supplier or contract
From the administrators' statement
The Company was incorporated on 18 July 2017 and commenced trading in January 2020. It is wholly owned by three individuals, Benjamin Bolt, Simon Yarwood and Sarah Hayes. The Company is based in Poole, Dorset and had 16 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 customers. The Company supplied electricity to approximately 30,000 domestic customers via a digital-only platform and did not supply gas to any 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 (2022-01-12) · Companies House register