Centrica (CNA)

Sector:

Utilities

Index:

FTSE 100

132.00p
   
  • Change Today:
      1.85p
  • 52 Week High: 172.50
  • 52 Week Low: 115.60
  • Currency: UK Pounds
  • Shares Issued: 5,283m
  • Volume: 30,138,356
  • Market Cap: £6,974m
  • RiskGrade: 165

Redundancies 'likely' at People's Energy, says administrator

By Frank Prenesti

Date: Monday 27 Sep 2021

LONDON (ShareCast) - (Sharecast News) - Administrators have been appointed to gas and electricity supplier People's Energy after it collapsed in the wake of soaring wholesale gas prices, with redundancies 'likely', officials said on Monday.
Industry regulator Ofgem has transferred the 360,000 customers of People's Energy to Centrica unit British Gas, under "supplier of last resort" rules.

Administrators Alvarez & Marsal Europe said there were "likely to be some redundancies among the Scotland-based firm's 460 employees.

A report in the East Lothian Courier stated that staff had started the process of taking legal action against the company claiming management failed to properly consult staff during the redundancy process. The company declined to comment on the claims.

About 300 members of staff are understood to have been made redundant, including 200 in Shawfair and Musselburgh, and a further 100 employees in Selkirk in the Scottish Borders, the report added.

Scottish law firm Simpson Millar said it has been contacted by several former workers who claim they were not consulted over the job losses, adding that its specialist employment team has now begun investigations and is looking to secure a protective award for those affected.

Administrators said some staff would be retained in the short term to help with the transfer of customers to British Gas, raising of final bills, the credit control process and help the administrators with their statutory duties.

"Unfortunately People's Energy, a company founded on strong ethical principles, has fallen victim to the very challenging conditions being experienced by UK energy retailers," said Paul Berkovi, joint administrator.

"In the coming days we will be focusing on working with affected employees and discussing transitional arrangements with the appointed supplier for People's Energy customers, British Gas."



Ofgem has already moved customers of Utility Point, which failed earlier this month, to EDF. Avro customers are set to be taken over by Octopus, while Shell Energy is to take on all all Green's account holders.

Email this article to a friend

or share it with one of these popular networks:


Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Centrica Market Data

Currency UK Pounds
Share Price 132.00p
Change Today 1.85p
% Change 1.42 %
52 Week High 172.50
52 Week Low 115.60
Volume 30,138,356
Shares Issued 5,283m
Market Cap £6,974m
RiskGrade 165

Centrica Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
91.71% above the market average91.71% above the market average91.71% above the market average91.71% above the market average91.71% above the market average
60.00% above the sector average60.00% above the sector average60.00% above the sector average60.00% above the sector average60.00% above the sector average
Price Trend
40.65% above the market average40.65% above the market average40.65% above the market average40.65% above the market average40.65% above the market average
100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average
Income
65.70% above the market average65.70% above the market average65.70% above the market average65.70% above the market average65.70% above the market average
100% below the sector average100% below the sector average100% below the sector average100% below the sector average100% below the sector average
Growth
63.29% above the market average63.29% above the market average63.29% above the market average63.29% above the market average63.29% above the market average
100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average

What The Brokers Say

Strong Buy 3
Buy 6
Neutral 6
Sell 0
Strong Sell 0
Total 15
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Centrica Dividends

  Latest Previous
  Final Interim
Ex-Div 30-May-24 05-Oct-23
Paid 11-Jul-24 16-Nov-23
Amount 2.67p 1.33p

Trades for 14-Jun-2024

Time Volume / Share Price
16:35 2,003,401 @ 132.00p
16:35 33,625 @ 132.00p
16:35 12,609,029 @ 132.00p
16:35 2 @ 132.00p
16:35 5,200 @ 132.00p

Centrica Key Personnel

Chair Scott Wheway
CEO Chris O’Shea

Top of Page