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.
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