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Utilitywise facing collapse within weeks

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…

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