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UK energy supplier Arvo Energy appoints A&M as administrator

·1-min read

LONDON (Reuters) -Arvo Energy has appointed Alvarez & Marsal Europe LLP (A&M) as administrator, A&M said on Friday, after regulator Ofgem announced last month that the British energy supplier had ceased to trade.

Nine British energy suppliers went bust last month alone, with smaller suppliers, with less capital struggling amid record wholesale power and gas prices across Britain and Europe, while price caps prevent the full rises being passed on to consumers.

"Avro has faced significant challenges amid high wholesale prices which has ultimately meant the company cannot continue to trade," Paul Berkovi, Joint Administrator said in a statement.

The company, based in Hinckley, Leicestershire, England, employs 103 people.

Ofgem said last month its 580,000 customers would be transferred to Octopus Energy.

"In the short term all staff will be retained to support the transfer of customers to Octopus Energy Limited and assist the Joint Administrators with their statutory duties," A&M said in a statement.

(Reporting by Susanna Twidale; Editing by Jason Neely and Edmund Blair)

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