Energy Broker, Utilitywise put 1,000 jobs at risk as they fall into administration.
A plan to sell the business fell through. This accompanied by the inability to raise enough capital to cover debts, led to its collapse.
Last month, the firm of which help business clients obtain gas and electricity, requested £10m to stay afloat, once unexpected challenges and legacy issues had hit. The company failed to get an investment from shareholders, so put themselves up or sale at the end of January. No offers resulted, hence administrators were appointed.
FTI Consulting are to handle the administration process. They said the energy brokerage will stop trading immediately, whilst the subsidiary companies continue trading as buyers for this group area are sought.
The energy sector has been hit hard recently, as seen by the recent administrations of Richard Irvin, Future Energy and Economy Energy,