Utilitywise PLC (05849580): administration
- Status
- Administration ended
- Administration began
- 2019-02-13
- Administrators
- Simon Kirkhope, Andrew Johnson
- Administrators' firm
- FTI Consulting
- Formerly
- Utilitywise Limited; Commercial Utility Brokers Limited
- Incorporated
- 2006-06-19
- Location
- London
- Industry
- 35130 Distribution of electricity
Why it went into administration
- Funding withdrawn / unable to refinance
- Competition / price pressure
From the administrators' statement
The Company is the former-AIM-listed holding company of the Utilitywise Group (“the Group”), and the trading entity [ur the Group’s Enterprise division (“Enterprise”), which provided energy and utility brokerage services to micro-market and SME businesses.
in the last two years, the Company experienced significant changes arising primarily from external market dynamics predominately within the market in which the Enterprise business operated (i.e. SME and micro-market businesses). These included:
• Weaknesses in industry processes relating to early-termination of customer contracts (so called “change of tenancy”), which were exploited by third-party intermediary (“TPI”) competitors, to ‘break’ certain of the Group’s customers from energy contracts, and
Administrators' statement of proposals (2019-04-24) · Companies House register