Pre-pack deal sees jobs lost at energy broker

Jobs have been lost at a Derby company after the firm was bought out of administration.

The assets of Utility Exchange Online, which traded as as Switch My Business, a company that advised SMEs on how to make savings on their utility bills, were acquired by Under B1 on Wednesday, July 14.

The company, which had an office in Derby (and an office in Manchester which recently closed), was impacted by the Covid-19 pandemic due to diminished energy usage by its customers, according to administrators.

Immediately on appointment, joint administrators from business advisory firm FRP completed a pre-pack transaction with Under B1 Limited, which has acquired the book debts and customer database.

The deal did not include the transfer of staff. Those affected are receiving support in making claims to the Redundancy Payments Service. In its latest available accounts, for the year ending March 31 2019 Utility Exchange Online employed 42 people