ADMINISTRATORS have been appointed to handle the affairs of Southampton firm Igloo Energy Supply, which collapsed last month
The company – which supplied gas and electricity to around 179,000 households – said the energy market was “no longer sustainable” when it announced at the end of September that it had stopped trading.
Documents filed in the High Court said Robert Croxen and Jonathan Marston of Alvarezx and Marsal were being appointed administrators.
Igloo Energy Supply, based in Mountbatten House, Grosvenor Square, employed 68 people as of last year.
Ofgem said its safety net would ensure supply to all Igloo’s customers would continue and that credit balances were protected.
Igloo's founders said its heat pump business, Igloo Works, would continue to trade.
Igloo was founded in the city in 2017 and had risen to the top of customer service rankings.
But co-founders Matt Clemow and Henry Brown said the firm’s core business of energy retail “operates in a market that is sadly no longer sustainable for Igloo”.
They said as they ceased trading: “The energy price cap which was introduced by government has been an important tool for ensuring that consumers are not unfairly penalised on standard variable rate tariffs. While we continue to support the price cap mechanism, the basis on which it’s calculated by Ofgem is designed to favour the largest suppliers and any calls to review this by the challenger brands, like Igloo, continues to be resisted.”
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