Utilitywise goes into administration after efforts to find £10m investment fail

Utilitywise
Utilitywise

Energy consultancy firm Utilitywise has gone into administration putting around 570 jobs at risk.

It was revealed last month the firm desperately needed a £10m investment due to "unexpected challenges and legacy issues" and made the decision put itself up for sale.

The company, which was founded by South Shields FC chairman Geoff Thompson, who is no longer on the board, was formerly based in the former Garlands call centre in Long Row, Market Dock but moved to Cobalt Business Park in North Tyneside after announcing it would pull out of South Shields in 2014.

In a statement on its website, Utilitywise has confirmed the business has gone into administration after the formal sale process 'did not result in any offers'.

The statement adds: "Consequently, the directors of UTW sought the appointment of Administrators at UTW.

"The Administrators have taken the decision to cease trading for the Enterprise division immediately, but are continuing the sales process for UTW’s subsidiary companies.

"All other group entities remain outside of an insolvency process and continue to trade as normal."

The firm has now appointed FTI Consulting to handle the administration process.

The Energy Intelligence Centre Limited continues to trade as normal.