IRESA Energy

Iresa Energy went bust on the 13th September 2018 affecting 90,000 customers. Get a full list of energy suppliers that have gone bust here.

Iresa Energy is now owned by Octopus Energy. However we have left their company overview below for research purposes.

Company Overview

IRESA is a new independent UK gas and electricity supplier based in Nottingham. They began taking on customers in March 2016 and passed CME (Controlled Market Entry) in August 2016.

Their stated aim is to focus on price and quality of service. In addition they state their core values as being;

- Integrity

- Passionate about our customers and people

- Measure success through sustainable customer satisfaction and energy affordability

Their goal is to create their own proprietary technology, rather than paying a third party for outsourced systems or operations, which "will save money with the hopes of passing it down to the customers."

While their prices are certainly competitive, Iresa Energy, like many of the growing number of new suppliers that have entered the market recently, is very much an unproven entity. We are great believers in competition and also hugely admire the entrepreneurial spirit (we have built two start-ups ourselves) However, there are several things about IRESA Energy that make us cautious.

Firstly, they are too enthusiastic in taking money from the customer's account. Your first direct debit is taken from your account 3 days after the cooling off period. This is at least 10-12 days before the supply of energy even starts to your home. This means that you, the customer, are basically funding the working capital to run the business.

Secondly, the company has minimal financial backing. It has equity capital of just �1 (one British pound). While it appears to have built up some trading revenue and assets in its first year of operations, those financial assets have subsequently been depleted. To year-end 31 December 2015, the company reported negative net assets of (�89,167). It is not unusual for a start up to incur losses; most do in the start up phase. However, with equity capital insufficient to cover these losses, it means that, should Iresa Energy get into financial difficulties, then customers who have paid in advance, as unsecured creditors, risk losing those payments. Iresa is also reliant on upfront payments from customers to fund its growth and should customers ever wish to get back their excess deposits (as is their right) then Iresa could find itself with an unpleasant whole in its balance sheet.

Finally, we support their ambition to build their own technology to run their business. But building technology is not without its own risks. If it works they will probably earn a small fortune selling it to other energy suppliers. But if it doesn't....?

Company Description

IRESA Energy is a very new gas and electricity supplier that entered the domestic energy supply market in March 2016.

The Company operates from offices in Nottingham.

IRESA offers a simple range of energy tariffs for customers who primarily want to pay by Monthly Direct Debit and to manage their account online.

IRESA Energy offers electricity only and dual fuel tariffs. It does not currently offer a gas only tariff.

IRESA Energy also offers a prepayment meter tariff.

IRESA Energy is not signed up to the Warm Home Discount scheme.

IRESA Energy will take you your first direct debit payment in advance, at least 10 days before you come on supply.

Service Rating

IRESA Energy service rating on

Based on our review, we award IRESA Energy no Stars.

Our service rating is based on the proportion of switches undertaken on the switching platform that complete successfully first time around. As we do not deal with IRESA Energy for customer sign-ups we have no insights into how good or bad their processes are. As such we have not awarded them a service rating. Please note that this does not necessarily mean that they are poor but, if you are switching to them, you are strongly advised to do your own due diligence.

To compare energy prices and switch to a cheaper tariff click here...

Energy Switch Guarantee

IRESA Energy is NOT signed up to the Energy Switch Guarantee.

Fuel Mix Disclosure

All suppliers, including IRESA Energy, are required to provide information about the mix of fuels they use to generate the electricity they supply to their customers. They also need to disclose the environmental impact of this fuel mix.

This information is known as the Fuel Mix Disclosure and is published annually.

IRESA Energy has not yet published its fuel mix disclosure so we are unable to review it here.

Company Overview / History

Company Number08186664
Registered Office AddressThe Quadrant Business Centre,
Nuart Road,
Nottingham, NG9 2NH
Date of incorporation21 August 2012
Directors (1)Adeniyi Oluwaseun OLADEJI
Supply licence(s) granted1 July 2014 (Gas supply)
1 July 2014 (Electricity supply)
Began selling energy to domestic consumersMarch 2016


In this section we review the published financial results for Iresa Energy Limited.

Year ended31 December 201331 December 201431 December 2015
Income Statement (£) -
RevenueNot disclosedNot disclosedNot disclosed
Profit before taxNot disclosedNot disclosedNot disclosed
Balance Sheet (£)
Fixed assets1,4371,0772,419
Net current assets27,54813,436(91,586)
Net assets28,98514,540(89,167)
Capital and Reserves (£) -
Share capital111
Profit and loss account28,98414,539(89,167)

Source: Companies House

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