Energy firm Igloo, along with two others, have confirmed they are ceasing to trade as the record surge in wholesale energy costs continue to take their toll on small suppliers. Industry regulator Ofgem said the customers of Igloo, Symbio Energy and ENSTROGA would be sheltered through the appointment of a new supplier in due course.
Business
Retailer Next has called for the government to take a “more decisive” approach as it warned a lack of foreign workers could hamper Christmas shopping deliveries. The business, led by Conservative peer Lord Wolfson, suggested that after the “widely predicted” HGV driver shortage crisis it should act to avert further looming problems in areas such
The first “very tentative signs of stabilisation” are being seen on petrol forecourts, the transport secretary has said, following days of long queues and closed pumps at some filling stations across the country. Grant Shapps said the sooner people returned to their normal habits and stopped panic buying petrol and diesel, the sooner the fuel
Petrol retailers hoping for a return to normal after motorists drained pumps over the weekend have faced yet more forecourt queues – as parts of the economy started to feel the strain. In some areas, up to 90% of pumps ran dry, according to industry estimates – and there was little sign of the panic-buying
Aldi has revealed plans to create 2,000 jobs over the next two years as it reported a dip in annual profits partly blamed on the pandemic. The German-owned discount supermarket said it would invest £1.3bn, adding 100 new stores and a logistics centre in Leicestershire, as it aims to ramp up further its share of
A British technology company which enabled ordinary investors to access a deluge of corporate cash calls during the COVID-19 crisis will this week name one of the City’s biggest heavyweights as its first chairman. Sky News has learnt that PrimaryBid has recruited Sir Donald Brydon to fill the role, in what will be regarded as
Panicked motorists have caused lengthy queues at petrol stations and caused some pumps to run dry – the latest consequence of a shortage of HGV drivers which is causing widespread disruption in the UK. The government insists the country has “ample fuel stocks” but it has not stopped long lines of cars forming after some
Octopus Energy is exploring a move to take control of Bulb, its rival challenger brand, amid the crisis in Britain’s residential energy market that has triggered a swathe of corporate casualties. Sky News has learnt that Octopus Energy is among the parties which have requested access to a data room set up by Bulb’s financial
Downing Street is on the brink of a U-turn which will allow overseas HGV drivers to plug the gaps causing emergency shortages, Sky News understands. Ministers met earlier for urgent talks on how to address the shortage – which one industry body estimated at more than 100,000 drivers – but No 10 has not yet
BP says it is “prioritising” fuel deliveries across its network of branded filling stations as some are hit by the national shortage of HGV and tanker drivers. The company told Sky News that “tens” of its 1,200-strong forecourts were experiencing shortages as a result of delays and it would ensure they got re-stocked first. It
Tesco has warned the government that it is worried about panic-buying in the run-up to Christmas as a shortage of HGV drivers results in empty shelves, reports suggest. Britain’s biggest supermarket told a meeting of the government’s new food and drink taskforce it could be “far worse” than stockpiling that took place at the start
At what stage will there be a tipping point? This is likely to be the question currently occupying much of the energy industry and government alike. Under the current Supplier of Last Resort system, customers whose energy firms go bust are being taken on by larger, more solvent suppliers. While that will usually mean higher
Energy supplier Green has become the latest victim of the crisis engulfing the sector as it collapsed, blaming “unprecedented market conditions and regulatory failings”. Green, which has more than 250,000 customers and 185 staff, confirmed that it would cease trading a day after Sky News revealed that it had lined up advisers to oversee a
The government has reached agreement with CF Industries to restart carbon dioxide production at its UK sites following talks between the company and Business Secretary Kwasi Kwarteng. The US firm said last week that it had stopped work at its fertiliser plants at Billingham on Teesside and Ince in Cheshire because of a surge in
As many as one-in-four UK households receive energy from providers that could face collapse as a consequence of soaring gas prices, industry sources have warned. A 250% increase in prices has exposed providers whose wholesale supplies are not “hedged” or insured against market fluctuations, meaning they can now only fulfil supply deals with customers at
UK energy company Bulb is seeking a bailout to stay afloat amid surging wholesale gas prices with Boris Johnson insisting the issues facing the industry are global. A Bulb spokesperson said: “From time to time we explore various opportunities to fund our business plans and further our mission to lower bills and lower CO2. “Like
The owner of the sushi restaurant chain Yo! will this week take a further step towards a stock market flotation that could come as soon as next month. Sky News understands that The Snowfox Group will hold a presentation for City analysts as it prepares to announce a formal intention to float in London. City
A shortage of carbon dioxide (CO2) gas means Christmas dinners could be cancelled, the owner of the UK’s biggest poultry supplier has said. A steep rise in gas prices has caused two large fertiliser plants in Teesside and Cheshire which produce CO2 as a by-product to shut, hitting supply to the food industry. Ranjit Singh
Gas supply this winter is “not a cause for immediate concern”, the UK’s business secretary has reassured, following reports that a spike in prices could threaten food production and other industries. Kwasi Kwarteng posted a series of tweets after holding meetings with senior executives from the energy industry to discuss the impact of high global
Travel companies have seen a sharp surge in bookings as the government announced the current traffic light system of red, amber and green countries will be scrapped for England from 4 October. Thomas Cook’s chief executive said customers are “already booking in their droves” following the latest travel changes, with the holiday company experiencing its