Thursday , June 17 2021

Utilities goes to the administration – BBC News

Gas ring

Energy utility broker Utilitywise entered the administration, putting 1,000 jobs at risk.

The company, which helps business customers deliver gas and electricity, said it had failed to raise enough money to cover its debts.

He also said that a plan to sell the business has fallen.

The UtilityWare collapse (UTW) comes after the latest winning bid by Newcastle company founder Jeffrey Thompson.

Last month it turned out that they needed 10 million pounds to keep their businesses on the surface after facing "unexpected challenges and inheritance problems."

After failing to attract investment from shareholders, the company was sold at the end of January.

But in a statement on its website Wednesday, it is said that the official sale process of the group announced by the board "has not led to any offers".

"Therefore, UTW directors have requested the appointment of administrators."

The company has appointed FTI Consulting to deal with the administration process and said its brokerage business will stop trading immediately.

However, its other subsidiaries will continue to trade while looking for buyers for those parts of the group.

Mr. Thompson, who retired from the board two years ago, built a one-bedroom UTW in South Shields in a multi-million pound business listed on the AIM.

According to a report by Sunday Telegraph, the company recently warned employees that they could not guarantee they could pay them in March.

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