A UK energy supplier is facing administration as they are lining up advisors over a potential insolvency as the government has refused to help bail out suppliers.
Many energy companies are on the brink of collapse and according to Sky News the energy supplier Green as re working with Alvarez & Marsal (A&M) to use the regulator Ogem’s Supplier of Last Resort (SOLR) mechanism.
It is expected many more energy suppliers will collapse as Green will go into administration with days which will affect around 200 staff and 250,000 customers.
Bulb, the UK’s sixth largest energy supplier who are also at risk of collapse amidst the current “energy crisis.”
The company who have around 1.7m customers are working with the investment bank Lazard to try to shore up its balance sheet.
Whilst Bulb is the largest energy company battling to avoid going bust, four smaller UK companies are expected to go out of business next week.
People’s Energy and Utility Point both collapsed late last week, requiring the energy regulator, Ofgem, to step in to protect customers.