Liquidators appointed at Sheffield-based energy company
Liquidators have been appointed to a Sheffield-based energy company.
Nabuh was a low-cost energy provider with a focus on the prepayment domestic gas and electricity market and 36,000 customers.
The business had been loss making for some time, driven by its rapid growth strategy, the liquidators said. In October last year it was added to the public list of companies which had failed to make payments of their annual renewables obligations liabilities.
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In March 2021, the company’s business and assets and customers were sold to British Gas Trading Limited. Some 60 staff were transferred across.
However, it has now been calculated that the proceeds of the sale did not cover the its liabilities.
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Rick Harrison, joint liquidator and managing director at Interpath Advisory, said “We continue to see the fallout from issues that have been affecting the UK energy sector for some time.
“Our immediate priority is to realise the remaining assets of the business, primarily deferred sale consideration, and make a distribution to creditors in due course.”In October, British Gas reassured customers stating: “Protecting customers is our priority and we are completely focused on that.
“Nabuh customers are part of the British Gas family and will continue to be served in the same way as all our British Gas customers. Centrica is a responsible energy supplier built on a sustainable model.”
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The liquidation comes after several energy companies went bust due to soaring prices. Eleven energy companies went into administration in November alone. There were also four in October and nine in September.