13th Feb 2019 18:29
LONDON (Alliance News) - Cost management consultant Utilitywise PLC said late Wednesday it has been unable to sell the company and, as a result, has appointed administrators.
The company began a strategic review "to deliver maximum value for its shareholders", which included the possibility of selling the company.
Utilitywise said, however, it has terminated talks to sell the company after talks over a potential fundraise and bank refinancing were "not successful".
The company's cashflows have "deteriorated" since it began the strategic review in late January and no lnger has the "sufficient funding to meet its liabilities".
As a result, Utilitywise has appointed Andrew Johnson and Chad Griffin of FTI Consulting LLP as administrators.
Shares in Utilitywise are currently suspended but last closed at 1.88 pence each.