Total could face massive shock as energy broker Utilitywise goes bankrupt
Oil major Total may lose thousands of small business customers after Utilitywise went out of business earlier this month.
The French giant is one of the UK’s biggest non-domestic energy suppliers, and stands to lose out more than others from Utilitywise’s collapse, the Sunday Times reported.
Read more: Lights out: Around 1,000 jobs at risk as Utilitywise goes bust
The energy broker, which finds customers for suppliers such as Total, called in the administrators earlier this month after failing to raise £10m which would have kept the company’s debt financed.
In a last-ditch attempt to stay above water, the board tried to sell the firm, but never got an offer which it could accept.
Read more: Utilitywise speaking to buyers as it looks for way out of financial woes
Total has said it is still committed to the customers who joined through Utilitywise “and will continue to supply gas and electricity in accordance with our contracts.”
It is unclear how many customers found Total’s services through Utilitywise.