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MSE News: At Cost Energy collapses as directors resign

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This is the discussion thread for the following MSE News Story:

"A company that promised to sell power without adding a profit margin is set to fold without ever getting off the ground ..."
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Comments

  • GetRealBabe
    GetRealBabe Posts: 2,258 Forumite
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    Hi

    Is anyone really surprised? As the story asks, what happens to the details of the 18,000 who signed up? So glad I didn't,

    GRB
    Sealed Pot Challenge No 089-Finally got a signature.:rotfl::j

  • Premier_2
    Premier_2 Posts: 15,141 Forumite
    Combo Breaker First Post
    edited 5 August 2010 at 1:18PM
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    Let me get this timeline straight.

    You had an interview with the company on Monday (26th) or possibly Tuesday morning.
    (you say in the earlier article " We met with its commercial director Cedric Clarke and director Paul Keightley this week..")
    In that interview they confirmed they would be starting to sell gas to customers in October this year.

    You published your report 27th July (Tuesday)

    Wednesday, the company on it's blog on it's website posted a response to your article. In it they say:
    ...we are asking people for a bit of trust and faith when we ask them to sign up. 18,000 have done just that and we thank them for it...

    ...
    Starting an energy company is, to be frank, bloody difficult! It’s taken some time, but we’re getting there. We have, after all, confirmed that we will be supplying gas in October....

    ...What we have always aimed for, more than anything, is honesty. ...

    We think customers will appreciate transparency....
    http://www.atcostenergy.com/our-response-to-the-money-saving-expert-interview-p16.aspx

    On the same day they issued a press release regarding British Gas profits (which were only issued on the Wednesday) where they reconfirmed:
    ...At Cost Energy will start supplying gas at cost price in autumn this year.

    Everything is in place for the supply to start, with only an exact date yet to be confirmed...
    http://www.journalism.co.uk/66/articles/539829.php

    This all on the same day it emerges all the directors resigned. :eek:


    Can't trust some people as far as you can throw them, did someone say? :cool:
    "Now to trolling as a concept. .... Personally, I've always found it a little sad that people choose to spend such a large proportion of their lives in this way but they do, and we have to deal with it." - MSE Forum Manager 6th July 2010
  • Premier_2
    Premier_2 Posts: 15,141 Forumite
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    Stockdale says: ...
    "I have never stopped believing that consumer energy costs can be driven down by buying from the wholesale market and once I have fully recovered, I will continue to investigate ways to deliver an alternative method of buying energy."

    I hadn't noticed previously, but it appears Stockdale has registered quite a few "At cost..." company names.
    As well as at cost energy, it appears he's also registered:

    at cost banking
    at cost credit card
    at cost fuel
    at cost holidays
    at cost homephone
    at cost insurance
    at cost internet
    at cost loans
    at cost mobile phones
    at cost mortgages
    at cost petrol
    at cost water

    to name just those I've identified so far.

    Look out for his latest adventure soon! :cool:
    "Now to trolling as a concept. .... Personally, I've always found it a little sad that people choose to spend such a large proportion of their lives in this way but they do, and we have to deal with it." - MSE Forum Manager 6th July 2010
  • penrhyn
    penrhyn Posts: 15,215 Forumite
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    Wot no At Cost Receivers?
    That gum you like is coming back in style.
  • Poppycat
    Poppycat Posts: 19,913 Forumite
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    Sounds like another wannbe Richard Branson only he knows how to run a business ;)
    Premier wrote: »
    I hadn't noticed previously, but it appears Stockdale has registered quite a few "At cost..." company names.
    As well as at cost energy, it appears he's also registered:

    at cost banking
    at cost credit card
    at cost fuel
    at cost holidays
    at cost homephone
    at cost insurance
    at cost internet
    at cost loans
    at cost mobile phones
    at cost mortgages
    at cost petrol
    at cost water

    to name just those I've identified so far.

    Look out for his latest adventure soon! :cool:
  • Plushchris
    Plushchris Posts: 3,592 Forumite
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    Oh my god!!

    What a shock, I'm so amazed this never got off the ground!!



    /sarcasm
    Missing Tesco R&R since Feb '07 :A & now a "Tesco veteran" apparently! ;)
  • Antispam
    Antispam Posts: 6,636 Forumite
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    Yes a lot of disappointed people out there ;)

    Always thought pigs might fly
    Plushchris wrote: »
    Oh my god!!

    What a shock, I'm so amazed this never got off the ground!!



    /sarcasm
  • Plushchris
    Plushchris Posts: 3,592 Forumite
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    Wonder if the company folded before or after they sold on that list of 18,000 people?
    Missing Tesco R&R since Feb '07 :A & now a "Tesco veteran" apparently! ;)
  • [Deleted User]
    [Deleted User] Posts: 2,175 Forumite
    First Anniversary First Post Combo Breaker Name Dropper
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    Sounds like that Pipeline Card crud to me.
  • private12
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    This guy is a scumbag, he has left a trail of debt behind him and peoples jobs at risk, I know because my job is at risk because of him. It's sad, he came across very genuine when he was in my office but surprise surprise he got us to do a lot of work as recent as a month ago then doesn't pay up. Matt if you are reading this, enjoy your holiday in USA when you fly first class today, I'll go home and worry about how to pay my mortgage this month. Thanks Matt, you really a star!!!!!
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