Small supplier GB Energy Supply has ceased trading.

A message on its website says: “Due to swift and significant increases in energy prices over recent months and, as a small supplier, our inability to forward buy energy to allow us to access the best possible wholesale prices, the position of the business has become untenable.”

GB Energy reportedly had around 160,000 customers. The company had been offering cut-price energy but it was forced to raise prices by 29% on 12 October.