Lights out: Around 1,000 jobs at risk as Utilitywise goes into administration

Energy broker Utilitywise has fallen into administration as the company struggled to raise enough cash to stay in business. 

The company said last month it had failed to find the £10m it would need to keep its head above water, and was putting itself up for sale. Lenders had said it would need to raise the money to extend a £25m debt facility.

Administrators FTI Consulting have been put in charge of the north-east based company with 1,000 employees.

“Unfortunately, discussions with respect to the sale of the group and in relation to an equity fundraising and bank refinancing have not been successful. As a consequence of the above, the formal sale process, so far as it relates to a possible sale of the share capital of the Company, has been terminated,” the company said in a statement.

“Furthermore, since the announcement of the Strategic Review, the cashflows of the business have deteriorated and, therefore, regrettably the business does not have sufficient funding to meet its liabilities as they fall due.”