Pinsents and Addleshaws switch on to Utilitywise collapse
The troubled energy broker went into administration just two weeks after putting itself up for sale
February 15, 2019 at 04:23 AM
2 minute read
Pinsent Masons and Addleshaw Goddard have picked up roles on the administration of Britain's largest energy broker Utilitywise, which has collapsed two weeks after putting itself up for sale.
The troubled business, which helps clients procure gas and electricity, undertook a strategic review at the end of January but was unable to find a buyer and could not recover enough cash to offset its debts.
The company announced yesterday (13 February) that it was appointing administrators FTI Consulting to oversee the process.
A Pinsents team led by restructuring partner Steve Cottee is advising FTI Consulting on the administration. Addleshaw restructuring partner Fraser Ritson is leading a team advising Utilitywise's management.
The collapse of the company puts 1,000 jobs at risk.
Pinsent Masons recently won a competitive tender to retain its exclusive sole-adviser relationship with energy company E.ON for a further five years.
Addleshaw is continuing to advise KPMG on the administration of music chain HMV. Howard Kennedy and Browne Jacobson took leading roles on the sale of HMV, which was bought in January by Canadian record company Sunrise Records & Entertainment.
Meanwhile, Gateley is advising KPMG on the administration of café and cake chain Patisserie Valerie, which fell into administration at the beginning of the year, with the chain having being bought today (14 November) by private equity firm Causeway Capital Management, advised by Burges Salmon.
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