Together Energy ‘facing collapse within weeks’
Last updated 5th Jan 2022
It's believed another energy supplier is facing collapse within weeks. Scotland-based Together Energy, which has 170-thousand customers, is struggling to secure an emergency cash injection.
If it does go out of business, it would be the 26th energy firm to do so since August as wholesale prices have soared.
Together Energy, which has its headquarters in Clydebank, is 50%-owned by Warrington Borough Council.
Sky News reports it faces running out of funding later this month unless it can find a rescue deal
A source close to a process run by advisers to Together Energy said that Alvarez & Marsal (A&M), the professional services firm, was close to concluding its hunt for new funding for the business and that the prospect of a solvent deal was now remote.
A spokeswoman for the company insisted on Wednesday that it was "still in active conversations".
A rescue deal would be at odds with the industry trend, which has seen dozens of unhedged suppliers unable to withstand the pressures created by turbulent global energy markets.
One source said that Warrington Borough Council had informed Together Energy that it would not provide any additional funding to the company.