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Utilitywise has gone bust, what do I do?
Utilitywise has collapsed, leaving 40,000 SMEs without switching support. So, how do you protect yourself from this in the future?
The business energy broker, Utilitywise, collapsed on February 14th, after struggling with its finances. The firm had to pull the plug after saying it had been “unable to raise sufficient funding to cover trading losses and implement the turnaround strategy required”. This is an unfortunate situation and has left 40,000 businesses without the support of a switching service.
What if I'm a Utiltywise customer?
If you’re a Utilitywise customer and in need of energy switching support, you can get a quote with Make It Cheaper now. We have 10 years’ experience in the industry and have been voted the UK’s number one business energy switching provider. As energy is a necessity for businesses across all sectors, it’s important that you have support in making a researched decision when choosing your contracts.
Why did Utilitywise go bust?
Utilitywise has been experiencing a number of financial issues issues over the last year. According to the Financial Times, suppliers have been reducing its commission, cash balances were shrinking and its debt has grown to more than £19m.
Unfortunately, these debts eventually became too much and Utilitywise had no choice but to go into administration as it simply ran out of cash. It’s always bad news when any British business collapses, and it’s especially tough on the workforce and local community. Our thoughts especially go out to the 1,000 staff who have been made redundant.
How do I protect myself from switching providers going bust?
By choosing a long-term energy plan, you can secure your energy prices for as long as three years. This reduces your vulnerability to price rises and issues like this.
We’ve also designed a service that protects you from expensive energy rates for good. Our Do It For You service means you’ll automatically get our best price as soon as your contract is up for renewal and we’ll handle the entire switch. You don’t have to lift a finger, we’ll simply keep you updated every step of the way.