Energy auto-switching service Labrador has been acquired by another company, but founder Jane Lucy insists it is “business as usual” for customers.
Details of the purchase are not being revealed just yet, but an announcement is expected within the coming weeks.
Lucy, who has been retained by the new owner, told Utility Week that the business would have gone under had it not been acquired.
She added that in the meantime it was “business as usual” for customers using the service, which has not gone offline.
An official statement from administrators Carter Backer Winter LLP said the sale had been completed on Friday (5 April).
It said:”Following a review of the financial position, the board of directors appointed Joseph Colley and John Dickinson of Carter Backer Winter LLP as joint administrators of the company on 25 March 2019.
“A sale of the assets of the company completed on 5 April 2019 and we are pleased to say that Labrador has been acquired by a company that understands the true value of their technology.
“The founder and technical team have been retained and full service remains and will continue to remain live so customers need not worry.”
Prior to its soft launch in September 2017, Labrador raised around £1.2 million from more than 30 individual investors, and then raised a further £890,000 via crowdfunding platform Crowdcube in exchange for 13.57 per cent equity.
The Labrador Retriever plugs into household broadband routers and automatically switches customers whenever a cheaper tariff becomes available.