DWF has provided specialist restructuring and regulatory advice to Avro Energy and its administrators, Alvarez & Marsal, to support the transfer of its customer base to Octopus Energy as part of a ‘supplier of last resort’ (SoLR) process.
Energy supplier are facing financial crisis due to global gas shortages which have made the cost of natural gas soar – the wholesale price of gas has risen by 250 per cent since January 2021.
Avro Energy announced on 21 September 2021 it would cease to trade. The energy company supplied gas and electricity to two per cent of domestic customers in the market.
James Moore and Natasha Atkinson, restructuring and insolvency partners at DWF, led the team that advised Avro on its cessation of trade and SoLR process.
Moore said: "The severe distress and unprecedented wholesale price inflation within the domestic energy market has been widely reported on and so we are extremely pleased as a team to report the positive news of the completion of the transitional arrangements which ensures the transfer of the Avro Energy customer base to Octopus Energy.
"Octopus, as the appointed supplier, will secure energy supply and credit balances for those customers of Avro as we approach the winter months."
Atkinson added: "DWF has extensive regulatory, restructuring, and finance experience in the energy sector and we are well placed to deal with the distress and flux in the market which retail energy suppliers are currently facing."...