Collapsed Southampton power company Igloo Energy: 226 people made redundant
Operations at an energy company that collapsed last year have been halted after all 226 employees were made redundant.
Southampton-based Igloo Energy was among a series of suppliers that went into administration as a crisis in the industry took hold last year.
The latest trustee update says 187 staff were kept on temporarily but were notified just before Christmas and had their contracts terminated on January 31 this year.
“The closure of all operations, the layoffs of all staff and the vacating of company premises are now complete,” their report said.
Igloo’s 179,000 customers were transferred to E.ON when it ceased operations last September. Its bosses said the market was “no longer viable” for the company.
In their latest report, Rob Crozen and Jonny Marston, co-administrators of Alvarez & Marshall Europe, said 39 employees were made redundant shortly after their appointment.
The remaining 187 were kept for four months to accompany the transfer of activity to E.ON before receiving their notice on December 22.
Accounts receivable balances totaling £57 million have been honored by E.ON.
The transitional services agreement that enabled the transfer of accounts to E.ON has been extended until July 31 this year.
“Based on current estimates, we expect unsecured creditors to receive a dividend. We have not yet determined the amount of this sum, but we will do so when we have completed the realization of the assets and the payment of the associated costs, as well as the settlement of the claims, “said the report.
“At this point, we anticipate that the administration’s most likely exit route will be the voluntary liquidation of creditors. This will allow joint liquidators to make a distribution to the company’s unsecured creditors.
Igloo, based at Mountbatten House in Grosvenor Square, was founded in 2017 and has risen to the top of the customer service rankings.
At the time of its collapse, co-founders Matt Clemow and Henry Brown said the wholesale price of energy in the UK had risen fivefold in recent months and the company’s main business, retail energy, “was operating in a market that is unfortunately no longer sustainable”. for Igloos”.