GB Energy Supply ceases trading
Rising energy prices have caused Preston-based GB Energy Supply to cease trading.The company, which served 160,000 customers, said the price hikes had made its trading position untenable.
For the year ending December 31, 2015, GB Energy had registered turnover of £22.2m but an operating loss of £788,000. It employs 13 staff.A statement by managing director Luke Watson said: "Due to swift and significant increases in energy prices over recent months and, as a small supplier our inability to forward buy energy to allow us to access the best possible wholesale prices, means that the position of the business has become untenable."
Ofgem said it would appoint a new supplier and told customers that outstanding credit balances would be protected.