Southampton’s Igloo Energy in liquidation after loss of 226 jobs

AN ENERGY supplier that collapsed last year with the loss of 226 jobs is going into liquidation.

Igloo Energy Supply, based in Southampton, was one of a series of small businesses that went out of business as the wholesale price of energy rose rapidly.

The administrators were appointed after administrators told the industry regulator last year that Igloo would not be able to pay its debts as they fell due. Its 179,000 customers have all been transferred to one of the big names in the industry, E.ON.

READ MORE: Southampton energy supplier Igloo is going out of business – what the company says

The company’s founders said at the time that the market was “no longer viable” for their company.

The latest update from co-directors Rob Croxen and Jonny Marston of Alvarez Marsal says the company will now be placed in voluntary creditor liquidation.

Osaka Gas UK, which called on the company’s assets first and submitted a claim of £17.8 million, has been paid in full.

Lightbulb ES Limited, which was Igloo’s sole shareholder – and had Igloo founders Matt Clemow and Henry Brown among its directors – received £5.39million.

The company’s debts to unsecured trade creditors were previously estimated at £45.36million.

The directors’ report states: “Based on current estimates, we expect unsecured creditors to receive a dividend. We have not yet determined the amount and timing of this due to uncertainty regarding asset realizations, cost of realization, settlement of claims and the outcome of the court direction hearing.

During the reporting period, the directors received £3.4 million in fees.

Thirty-nine Igloo staff were made redundant shortly after the directors were appointed in October last year.

The remaining 187 were kept to support the transfer of customers to E.ON before being put on notice on December 22, 2021.

READ MORE: Southampton company closed after laying off 226 staff

Igloo Energy Supply, based at Mountbatten House in Grosvenor Square, was founded in 2017 and has achieved excellent results in customer service rankings.

In a statement released when it ceased operations, the founders apologized for the impact the closure “will have on the customers we have been proud to serve.”

They said they founded Igloo “with the aim of selling as little energy as possible to our customers” in the face of the climate crisis.

They added: “However, our core energy retail business operates in a market that is unfortunately no longer sustainable for Igloo.”

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