Eddie Williams, Toby Banfield and Mike Jervis of PwC have today been appointed as joint administrators of Blue Marble Holdings Limited. Additionally, Eddie Williams, Toby Banfield and Ross Connock of PwC have today been appointed as joint administrators of Pure Planet Limited.
BMHL is a holding company, employing 197 staff in addition to holding a number of key contracts. It has 100% ownership of Pure Planet Limited, a licenced energy retail supplier which provides energy to approximately 235,000 customers in the UK.
Today’s appointment provides continuity and stability for the Companies’ customers - known as Members - and creditors and follows on from the immediate transfer of PPL’s customers to Shell Energy through the Supplier of Last Resort (SOLR) process.
Eddie Williams, BMHL and PPL joint administrator and PwC partner, said:
"The current challenges facing the domestic energy market due to the spike in wholesale prices have been well documented. Against this backdrop, the Companies faced significant liquidity challenges, leading to a position where the business was unable to continue operating.
"We would like to thank management, employees, key stakeholders, Ofgem and Shell Energy as the incoming Supplier of Last Resort “(SOLR”) for their work and support over the last week during an intense period for the Companies and the whole industry. I would also like to thank Carl Allen and the Eversheds Sutherland’s Restructuring and Insolvency team for their support.
“Our initial priority as administrators is to work closely with Shell Energy, the incoming supplier for PPL's Members on an orderly and efficient transition and to provide ongoing support around this process. The SOLR transfer is very well-established to ensure there is no disruption to customers’ energy supplies.”
The joint administrators are also focussed on supporting employees and any questions they may have at this difficult time. There are no redundancies currently being announced.
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