Robin Hood Energy creditors owed £55m when company collapsed
Failed council-owned utilities supplier Robin Hood Energy fell into administration owing almost £54.8m to unsecured creditors, according to documents seen by TheBusinessDesk.com.
Papers filed by administrators Deloitte outline the sheer amount of debt run by up the company, owned by Nottingham City Council, which was sold to British Gas last year for £9m.
HMRC will miss out on almost £1m, while Nottingham City Council took an almost £31m hit after the company was placed into administration in January following the sale of its customer book to British Gas last year for £9m in a move that cost some 250 jobs.
Ofgem, the industry regulator, was owed £17.3m when Robin Hood Energy called administrators in.
The not-for-profit company was set up in September 2015 as a competitor to the major players in the industry. However, after a promising start in which it attracted 130,000 customers – included former Labour leader Jeremy Corbyn – in 2019, the company missed a £9.5m renewables obligation (RO) paymwent to Ofgem. The cash was loaned to the company by Nottingham City Council, but the following year the Robin Hood Energy missed £12m in RO payments and the company was issued with an order to wind down in October 2020.
