Utilitywise hopes to clinch a rescue deal to save its 1,000 strong workforce
Britain’s largest energy broker has just weeks to avert collapse, prompting fears for its 1,000-strong workforce.
Utilitywise is locked in talks with potential investors as it scrambles to raise fresh funds or a willing buyer for the company. Its lenders are threatening to wrest control of the business if its debts remain unpaid at the end of next month.
The Tyneside-based middleman is under pressure to secure a rescue deal worth at least £10m.
At a crunch meeting last week, Utilitywise told staff at its North Tyneside headquarters that they cannot guarantee that wages will be paid next month.
The company was once valued at over £300m but its shares were worth just £1.5m when trading…