Utilitywise collapse: hundreds of jobs on the line as Newcastle firm calls in administrators [updated]
Newcastle energy broker Utilitywise has fallen into administration.
Around 570 jobs are now at risk at the firm, which has appointed administrators from London-based FTI Consulting LLP.
Earlier this year, Utilitywise failed to raise the £10m needed to keep afloat from its shareholders and put itself up for sale at the end of January, having faced what it called “unexpected challenges and legacy issues”.
The collapse follows a last-ditch rescue bid by Geoff Thompson, who founded the company in 2006 but stepped down from the board two years ago.
Just days ago the bid was described as “seriously credible” by an unnamed source close to the negotiations, who said: “I understand Geoff and his team are keen to work with the bank to find a solution.
“This is a seriously credible deal which has strong support from within the industry and would lead to many jobs being saved.”
But now it appears the deal has fallen through.
A statement on Utilitywise’s website yesterday (February 13) said the formal sale process “did not result in any offers”.
With FTI Consulting now handling the administration process, the company’s energy brokerage business will cease trading immediately.
Its other subsidiaries – Icon Communication Centres s.r.o, Energy Intelligence Centre Limited and T-Mac Technologies Limited – will continue to operate while buyers are sought.
Utilitywise is headquartered at Cobalt Business Park.
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