Avro Energy, who recently (21st September 2021) announced they are ceasing to trade, supplied gas and electricity to 2% of domestic customers in the market. Avro Energy's closure comes as energy providers face a raft of financial difficulties amid global gas shortages and the resulting global record high natural gas prices, which has seen the wholesale price of gas rise 250% since January 2021.
James Moore and Natasha Atkinson, Restructuring and Insolvency partners at DWF, have advised on Avro's cessation of trade and Supplier of Last Resort process, working with Alvarez & Marsal as administrators.
James Moore said: "The severe distress and unprecedented wholesale price inflation within the domestic energy market has been widely reported on and so we are extremely pleased as a team to report the positive news of the completion of the transitional arrangements which ensures the transfer of the Avro Energy customer base to Octopus Energy.
"Octopus, as the appointed supplier, will secure energy supply and credit balances for those customers of Avro as we approach the winter months."
Natasha Atkinson said: "DWF has extensive regulatory, restructuring, and finance experience in the energy sector and we are well placed to deal with the distress and flux in the market which retail energy suppliers are currently facing."
Natasha Atkinson is head of the DWF's Restructuring team and led the DWF team on the mandate with Alvarez and Marsal. DWF's team includes James Moore (Restructuring) Ben Cooke (Commercial) Charlotte Hampson (Commercial), Thomas Murphy (Restructuring), Matt Williams (Finance) and Darren Walsh (Utilities and Power).
James Moore and Natasha Atkinson, Restructuring and Insolvency partners at DWF, have advised on Avro's cessation of trade and Supplier of Last Resort process, working with Alvarez & Marsal as administrators.
James Moore said: "The severe distress and unprecedented wholesale price inflation within the domestic energy market has been widely reported on and so we are extremely pleased as a team to report the positive news of the completion of the transitional arrangements which ensures the transfer of the Avro Energy customer base to Octopus Energy.
"Octopus, as the appointed supplier, will secure energy supply and credit balances for those customers of Avro as we approach the winter months."
Natasha Atkinson said: "DWF has extensive regulatory, restructuring, and finance experience in the energy sector and we are well placed to deal with the distress and flux in the market which retail energy suppliers are currently facing."
Natasha Atkinson is head of the DWF's Restructuring team and led the DWF team on the mandate with Alvarez and Marsal. DWF's team includes James Moore (Restructuring) Ben Cooke (Commercial) Charlotte Hampson (Commercial), Thomas Murphy (Restructuring), Matt Williams (Finance) and Darren Walsh (Utilities and Power).
