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KPMG administrators appointed to Toto Energy

Steve Absolom and Will Wright of KPMG have been appointed joint administrators of Toto Energy, with its customers transferred to EDF Energy.

Brighton-based Toto Energy supplied gas and electricity to approximately 134,000 customers throughout the UK.

 

The company ceased trading and, as a result, Ofgem has confirmed that all of its customers have been transferred to EDF.

 

The supplier will take on the company’s 134,000 customers, ensuring that all outstanding credit balances are transferred for current customers and repaid to those who had left the company with a credit balance outstanding.

 

Beatrice Bigois, managing director of EDF Energy Customers, said: “We are pleased to be able to step in to support the customers of TOTO Energy, who will have been concerned to hear that their existing supplier had stopped trading. They should feel reassured that with EDF Energy, they will be moving to an experienced and reliable supplier, with a good track record for customer service.

 

“All current and former domestic customers’ credit balances will be protected and their supply will continue uninterrupted. Customers are asked to take a meter reading and we will write to them in the coming weeks. For our existing customers this will not affect the service we are able to supply them, and we remain committed to delivering for all of our customers.”

 

Paul Berkovi, director at KPMG, said: “For some time now, the UK’s energy retail sector has faced well-documented challenges and, against this backdrop, Toto Energy’s directors have taken the difficult decision to appoint administrators. Despite the best efforts of the directors, the business has faced significant cash flow problems and was unsuccessful in its attempts to secure new investment.

 

“We have secured a deal to assist in providing a smooth transition for customers however there will unfortunately still be redundancies. Focus for the administrators in the coming days will be in supporting affected employees.”

 

The Turnaround, Restructuring and Insolvency (TRI) Conference takes place on November 13 at the London Hilton Bankside. Visit its site to view the agenda and book your place.

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