Utilitywise speaking to buyers as it looks for way out of financial woes
Utilitywise’s 1,000 staff are waiting with bated breath as it speaks to investors over a potential £10m sale, which could keep the struggling company afloat.
After failing to clinch the investment it needed from shareholders, the company put itself up for sale at the end of last month.
Now it has confirmed that it is holding conversations with potential buyers.
The business has until 20 April to raise the necessary funding, or its lenders will call in approximately £25m in credit facilities that could otherwise be extended.
“Utilitywise is in dialogue with potential buyers who might acquire the Company, as well as continuing to have conversations with investors and other stakeholders to secure additional investment. We will provide an update on these discussions as soon as possible,” a spokesperson said yesterday.
In recent weeks the company has warned staff it could not guarantee it could pay them in March, the Sunday Telegraph reported.
The company’s shares are now suspended, but closed at 1.9p on the first day of the month. It has fallen from highs of around 300p in 2014.