FTI Consulting has been appointed administrator for Utilitywise.
The company, which provided energy and utility brokerage services to micro-market and SME businesses customers, was unable to raise sufficient funding to cover trading losses and implement a turnaround strategy. The group was put up for sale on 28 January but there were no offers.
The group’s subsidiary companies and other entities, including Energy Intelligence Cente, T-Mac Technologies and Icon Communication Centres, are outside of the insolvency process and continue to trade as normal.
The administrators note that as a third-party intermediary Utilitywise acted as an introducer for electricity, gas and water suppliers. Customer supply contacts are between the user and the utility supplier directly and are not affected by the administration of Utilitywise.