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Administrators appointed to Toto Energy Limited

Administrators appointed to Toto Energy Limited

Steve Absolom and Will Wright of KPMG have today been appointed Joint Administrators of Toto Energy Limited.

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Steve Absolom and Will Wright of KPMG have today been appointed Joint Administrators of Toto Energy Limited.

Brighton-based Toto Energy supplied gas and electricity to approximately 140,000 customers throughout the UK.

The company ceased trading and commenced a government-regulated process on 23rd October, as announced by Ofgem. As a result of that process, Ofgem has confirmed that all customers have been transferred to EDF.

At the date of the administration appointment, Toto Energy employed 141 members of staff, the majority of which are currently being retained to support the smooth transfer of customers to EDF.

Paul Berkovi, Director at KPMG, said:

“For some time now, the UK’s energy retail sector has faced well-documented challenges and, against this backdrop, Toto Energy’s Directors have taken the difficult decision to appoint administrators. Despite the best efforts of the Directors, the business has faced significant cash flow problems and was unsuccessful in its attempts to secure new investment.

“We have secured a deal to assist in providing a smooth transition for customers however there will unfortunately still be redundancies. Focus for the administrators in the coming days will be in supporting affected employees.”

Former Toto Energy customers who have an outstanding debt will be contacted by the new supplier in the near future to discuss repayment. Meanwhile, those customers who paid in advance will have that balance honoured by EDF. The new supplier will contact affected customers directly.

Further information and support can be found on the Ofgem website.

-END-

Notes to Editors:

For media queries, please contact:

Brian O’Neill, Corporate Communications Manager
T: 07823 668 689
E: Brian.O’Neill@kpmg.co.uk

About KPMG in the UK

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 16,300 partners and staff. The UK firm recorded a revenue of £2.338 billion in the year ended 30 September 2018. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 154 countries and has 200,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.

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