MONEY expert Martin Lewis has spoken out following the announcement of Together Energy going bust.

Following weeks of speculation, it is the latest firm to fall victim to the rise in energy prices.

Unlike other organisations, this one had been backed to the tune of more than £38million by Warrington Borough Council and council chief executive Steven Broomhead sits on the board. Administrators will now be called in.

It has 176,000 customers.

Writing on moneysavingexpert.com he said: "Together Energy, including its subsidiary Bristol Energy, has ceased trading. In total, the two brands have about 176,000 household customers between them. If you're affected, your supply will continue and credit balances are protected. While it's likely you'll pay more now, there are no savings to be had by switching.

"Energy regulator Ofgem will now start the process of choosing a new supplier to take on customers supplied by Together Energy and Bristol Energy. In the meantime, your supply will continue as normal.

"Once appointed, you'll be contacted about transferring your account over, and be told what happens next.

"Once your account is transferred, you are free to switch away, though with prices at record highs due to unprecedented wholesale costs (the price energy providers pay for gas and electricity), even if you can switch there is nothing on the market meaningfully cheaper right now than Ofgem's price cap, which standard default tariffs follow.

"The supplier is the 23rd provider to go bust or enter administration since last September as a result of the ongoing energy crisis."

Martin adds that customers of Together Energy should take a meter reading in advance of a new supplier getting in touch with them over the coming weeks.

They are also urged to download their energy bills as soon as possible, in order to have a record of previous payments should the firm's website and apps stop operating in the meantime.