Hiber Energy appoints ReSolve as administrator
Professionals from ReSolve have been tasked with the sale of Hiber Energy. The boiler maintenance company fell into insolvency as a result of a continued “pandemic-induced slowdown,” according to the administrators.
Founded in 2018, Hiber Energy is an SaaS enabled B2B marketplace app, available on Apple and Android. Designed as a conduit between local merchants and local gas engineers, and streamlines the process of pricing, ordering and purchasing parts, it allowed gas engineers to run their entire business through the platform thanks to its many features, including the ability to send quotes and invoices as well as take payment.
This ingenuity helped Hiber achieve a 30% month-on-month growth in installations. However, the negative impact of the Covid-19 crisis has now caused the company to enter into administration. The UK business advisory and investment practice of ReSolve has been appointed to oversee the process.
Mark Supperstone, Managing Partner at ReSolve, said, “Hiber Energy has been another unfortunate casualty of the pandemic-induced slowdown in economic activity that has affected a great many industries and sectors. The company had invested significantly into its platform and seen some excellent growth prior to the pandemic. We believe there is lots of potential left in the platform, which could be widely used by a range of different tradespeople.”
Following its appointment, ReSolve has offered businesses the opportunity to purchase either the company in its entirety, or certain assets. This presents a number of attractive propositions to potential buyers.
Feedback from app users is overwhelmingly positive, according to ReSolve, with a Trustpilot score of 4.9 out of 5 and it has improved the working capital of many gas engineers because using the app means payment for parts is required only after the job is complete. It is believed that the software could be easily transferred to other trades, such as electricians or plumbers, to diversify the customer base.
