YU GROUP is taking on over 8,000 customers stranded by Ampoweruk's collapse last week.

The group on-boarded the homeless customers through Ofgem's supplier of last resort process.

This comes after Ampoweruk ceased trading last week along with four other energy firms including CNG Energy.

Yu Group will take on Ampoweruk's 600 domestic consumers alongside its business customers.

Its group revenues are now forecast to immediately increase by over £7.5m per month.

The company's shares have also rocketed 15 per cent on the FTSE Aim All-Share yesterday, reaching a trading high of 242.50p.

Bobby Kalar, group chief executive officer, said: "Our experience and track record mean we are confident the customer transition will be seamless, quick and well communicated."

The firm reported strong half year results in June, enjoying a 43 per cent growth in revenue, while the UK energy sector has been struggling with soaring wholesale costs and the consumer price cap.

So far, 19 firms have collapsed in the past two months, with the domestic market halving since the start of the year.

(c) 2021 City A.M., source Newspaper