The People's Energy Company Limited (SC522897): administration
- Status
- Administration ended
- Administration began
- 2021-09-24
- Administrators
- Paul Berkovi, Jonathan Charles Marston, Robert Andrew Croxen
- Administrators' firm
- Alvarez & Marsal
- Formerly
- OUR Energy Company Ltd
- Incorporated
- 2015-12-21
- Location
- Glasgow
- Industry
- 35140 Trade of electricity
Why it went into administration
- Regulatory change or action
- Energy costs
- COVID-19
- Cash flow / liquidity pressure
- Funding withdrawn / unable to refinance
- Property / lease costs
- Sustained trading losses
From the administrators' statement
The Company was incorporated on 21 December 2015 with the name Our Energy Limited and changed its name to The People’s Energy Company Limited on 7 March 2017.
The Company is registered in Scotland. It does not trade in energy and had limited income. However, it holds a number of supplier contracts upon which PES relies for its trade, including operational contracts for software, rent, rates and insurance. It also employed all of the employees (approximately 430) for the Group, which PES in particular utilises to carry out its business.
Prior to our appointment, the Company performed the gas shipping function for PES and was licensed accordingly. Prior to our appointment, the Company received a termination notice under the Uniform Network Code (“UNC”) and so the Company ceased to be a user of the gas transportation systems on 23 September 2021. At no stage during the administration has the Company performed any gas shipping activities.
Administrators' statement of proposals (2021-11-19) · Companies House register