The UK government is considering temporarily taking control of PJSC Gazprom’s UK arm, should the Russian business cease trading in Britain, Bloomberg reported on Monday.

Citing a person familiar with the matter, Bloomberg reported that Gazprom Marketing & Trading Retail Ltd could be subject to the UK’s special administration scheme, which ensures some critical services continue, despite a company failing.

The Gazprom unit has over 30,000 business customers, Bloomberg reported.

Consulting firm Teneo Inc has been picked as a candidate to run Gazprom Marketing & Trading Retail, should the special administration scheme be used, Bloomberg said.

https://www.bloomberg.com/news/articles/2022-03-21/u-k-prepares-to-temporarily-nationalize-gazprom-m-t-retail-unit

On Monday, London-listed energy advisory and sustainability services provider Inspired PLC said it could take an earnings hit should Gazprom’s UK business get shut down.

The Preston, England-based company said that 5% of its revenue relies on clients that are contracted with Gazprom. Should Gazprom UK cease trading, Inspired could take at most a £3 million hit to its earnings before interest, tax, depreciation and amortisation for the year ending December 31.

However, Inspired said that even in this situation it would be able to meet its banking covenant and liquidity tests, allowing it to continue operating as a going concern.

The Sunday Times had reported that the UK energy supply arm of Gazprom is racing to find a buyer to stave off collapse, following a rush of big companies exiting their deals with the Russian parent in response to the invasion of Ukraine.

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