Friday, August 12, 2022

Utility Exchange Online acquired after entering administration

The assets of Utility Exchange Online Limited (trading as Switch My Business), a company that advises SMEs on how to make savings on their utility bills, have been acquired by Under B1 Limited.

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

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

The transaction did not however include the transfer of staff. Those affected are receiving support in making claims to the Redundancy Payments Service.

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