PracticeConsultingReceivers arrive at Independent Energy

Receivers arrive at Independent Energy

KPMG was today appointed administrative receivers to energy and gas supplier Independent Energy.

The Solihull-based company was forced to call in the receivers after failing to find funds to continue running the business. Shares were suspended at 500p, a fraction of the £37.17 they reached in March this year.

The company currently has 242,000 business and residential customers across the country, and 160 employees.

Confirming that customers would be unaffected by the company’s collapse, Myles Halley, one of the joint administrative receivers, said: ‘Under our control, the company will continue to trade as normal and we have already had expressions of interest from several parties.’

In March, chief executive John Sulley and chairman Burt Keenan raked in about £30m after selling 870,000 shares.

Links

Independent Energy

Related Articles

5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

5m Alia Shoaib, Reporter
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

11m Stephanie Wix, Writer
Managing partner Q&A - the year ahead: Richard Toone, CVR Global

Accounting Firms Managing partner Q&A - the year ahead: Richard Toone, CVR Global

12m Kevin Reed, Writer
Deloitte 'self-imposes exile' on government contracts to defuse PM row

Accounting Firms Deloitte 'self-imposes exile' on government contracts to defuse PM row

12m Kevin Reed, Writer
Managing partner Q&A - the year ahead: Julie Adams, Menzies

Accounting Firms Managing partner Q&A - the year ahead: Julie Adams, Menzies

12m Kevin Reed, Writer
Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

Business Regulation Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

1y Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

1y Kevin Reed, Writer
New head of equity capital markets for KPMG

Accounting Firms New head of equity capital markets for KPMG

1y Stephanie Wix, Writer