Tue, 29 Jan 2019 | BUSINESS SALE
Energy consultancy company Utilitywise has put itself up for sale in order to support a new business strategy and renew its credit facility of £25 million that is set to expire in April.
Utilitywise stated that it would need a minimum of £10 million to stay afloat and would entertain all kinds of sale transactions, including the sale of the company as a whole or in divisions of the various parts of the business.
Although company has been experiencing a decline for a number of months, it was attempting to refresh its business strategy with a new price comparison website and investing in new technologies in order to remain competitive in the market.
In particular, the website would be a “digitally-driven” channel focusing on microbusinesses, cross-selling, and intelligent tech solutions for its larger consumers.
However, its inability to source the funds from its investors has led Utilitywise to put itself on the market to rescue itself from its poor economic situation, and to satisfy the conditions needed to refinance its loan facility credit.
In a statement released by Utilitywise, it said the businesses had been hit with a number of “significant and unexpected challenges and legacy issues in its enterprise division.
“In order to overcome these challenges, the group has made significant improvements to the operational controls within its business and is currently executing a clear strategy for differentiation and growth, whilst evolving its existing proposition in both its enterprise and corporate divisions.”
The company has not yet found a buyer and is inviting offers from interested parties. However, in the meantime, it “is reliant upon the ongoing support of the bank.”
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