26th collapse

Scots power company Together Energy fails

Paul Richards of Together Energy
Paul Richards was CEO of Together Energy

Together Energy, based in Clydebank, has become the latest power retailer to collapse in the wake of soaring gas prices.

The company has 176,000 households on its books and is part-owned by Warrington Borough Council in Cheshire.

Earlier this month it emerged that the company was facing difficulties raising new funds to stay in business.

Energy industry regulator Ofgem today said the company ceased to trade along with its subsidiary Bristol Energy whose 155,000 domestic customers it acquired in a £14m deal in September 2020.

At the time, Paul Richards, CEO of Together Energy said there were great synergies between both companies.

Ofgem said a new supplier will be found and in the meantime energy supply will continue and funds that domestic customers have paid into their accounts will be protected, where they are in credit.

Domestic customers will also be protected by the energy price cap when being switched to a new supplier.

Together Energy made a near-£4m loss in the year to October 2020 after a £11.4m deficit the previous year.

It becomes the 26th energy supplier to cease trading since August last year when an unprecedented increase in wholesale gas costs took hold.



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