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Commercial energy supplier CNG seeking bids
The Glencore-backed supplier is seeking bids for its commercial supply arm, according to Sky News.
Senior Journalist covering the Credit Strategy, TRI News and Reward Strategy brands.
Senior Journalist covering the Credit Strategy, TRI News and Reward Strategy brands.
The commercial supply arm directly supplies more than 40,000 small and medium sized businesses.
According to Sky News, CNG was working with legal and accounting advisers to prepare the wholesale business for an insolvency process.
Interpath Advisory, CNG’s appointed advisors, had set a deadline of Friday (October 15) for offers.
On Wednesday (October 13), CNG told its commercial customers that it would no longer facilitate the supply of gas to them.
Sky News saw a letter to customers from CNG chief executive Paul Stanley which said: “The past few weeks in the energy market have been unprecedented.
“Market volatility has caused many suppliers to exit the market in a short space of time, causing a significant amount of financial damage to CNG.
“We expect more suppliers to fail in the coming weeks, further compounding the issue.”
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