Yü are welcome here: Ampoweruk’s customers rescued by independent supplier
Yü Group is taking on over 8,000 customers stranded by Ampoweruk’s collapse last week.
It has on-boarded the customers through Ofgem’s supplier of last resort process.
They will join the firm on Sunday 7 November.
Ampoweruk ceased trading last week alongside three other energy firms.
The UK energy sector has been struggling with soaring wholesale costs and shortages of supplies.
So far, 19 firms have collapsed in the past two months, with the domestic market halving since the start of the year.
Yü Group provides electricity and water to the UK corporate sector but it will also take on Ampoweruk’s 600 domestic consumers alongside its business customers.
The arrangement increases Yü Group’s metre portfolio by 38 per cent.
Its group revenues are also forecast to immediately increase by over £7.5 million per month.
Following the acquisition of new customers, the company’s shares have rocketed 10 per cent on the FTSE Aim All-Share today, reaching a trading high of 237.50.
Bobby Kalar, group chief executive officer, said: “Our experience and track record means we are confident the customer transition will be seamless, quick and well communicated.”
The firm reported strong half year results in June, enjoying a 42 per cent growth in revenue.