Autoswitching service Flipper has announced it is ceasing to trade amid the continuing turmoil in the energy retail market.
Flipper entered the market in 2016 and charged customers a membership fee to find them cheaper deals, which it would then automatically switch them to. In 2017 the company was acquired by Wessex Water.
In a statement regarding its closure Flipper cited recent supplier failures due to the increase in wholesale prices, and subsequent removal of low-cost tariffs.
It added that 18,000 of its customers had been caught up in the supplier of last resort (SoLR) process.
“We are very sad to announce that we have withdrawn from the market and will be closing, as we can no longer continue to offer the service promised to you, our loyal members and we can no longer sustain the great savings that as Flipper customers you have come to expect,” the company said.
Several automated switching services operate in the market including Look After My Bills which was acquired by GoCompare in 2019, Switchd and Switchcraft.
An industry expert recently told Utility Week that a significant portion of customers who have seen their supplier go bust will have been automatic switching customers, making the SoLR process a less attractive proposition for the new retailer.
The demise of Flipper comes as several price comparison websites paused their energy services amid suppliers withdrawing their deals.
So far Compare the Market, Uswitch and GoCompare have all stopped their energy comparison while other sites such as Confused.com and MoneySuperMarket have severely limited offers.
Utility Week has launched its Energy Reset campaign, in a bid to ensure the current crisis results in real reform of the energy retail market.