Azets appointed as administrators to Symbio Energy
Nicola Clark, Partner, and Jonathan Amor, Restructuring and Insolvency Partner at top 10 UK accounting firm Azets, which has offices across London and the South East, have been appointed as Joint Administrators of Watford-based Symbio Energy Limited.
Symbio Energy was a fast-growing, challenger energy business with an ethos to eradicate fuel poverty. It was recognised independently as offering the most competitive prices and had a high proportion of customers using smart meters. It calculated that it saved customers £60 million in fuel prices compared to the ‘big six’ energy providers.
The company had grown exponentially from 50 customers to 50,000 since 2019 and served customers across the country.
All existing Symbio Energy customers have been transferred to E.ON Next as part of the industry regulator Ofgem's Supplier of Last Resort (SOLR) mechanism.
Nicola Clark, Joint Administrator, Azets said:
“Wholesale energy prices have soared and the challenges facing the energy sector are well documented. As a result of these rising prices, Symbio has turned into a loss-making business almost overnight. As a small, challenger technology business, Symbio unfortunately doesn’t have the capital to weather the storm.”
Legal advice to the joint administrators is being provided by Addleshaw Goddard.
