Azets appointed as administrators to Symbio Energy Limited
Nicola Clark and Jonathan Amor of Azets in Manchester were appointed as Joint Administrators of Symbio Energy Limited on 13 October 2021.
Symbio Energy, based in Watford, was a fast growing, challenger energy business with an ethos to eradicate fuel poverty. They were recognised independently as offering the most competitive prices and had a high proportion of customers using smart meters. They calculated that they’d saved customers £60 million in fuel prices compared to the ‘big 6’ energy providers.
The company had grown exponentially from 50 customers to 50,000 since 2019 and served customers across the country. Their client base was predominantly young and tech savvy.
All existing Symbio Energy customers have been transferred to EON 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.”
Jonathan Amor, joint administrator, Azets added:
“Over the coming days, we’ll be working closely with EON to migrate customer information successfully and to agree final accounts for customers. Our role as administrators is to protect and realise assets for the Company’s creditors. We are confident that there will be a return to creditors in this process.”
Customers have been contacted directly by EON and asked to provide meter readings. Their energy supply will not be interrupted and credit balances are protected under the SoLR provisions. Customers are advised to contact EON with any queries relating to ongoing energy supply. The Symbio customer portal remains live at present also for customer queries. Final bills up to 3 October 2021 will be provided to customers as soon as possible.
Legal advice to the Joint Administrators is being provided by Addleshaw Goddard.