Utilitywise has put itself up for sale.
The cost management consultant’s shares were 62% down this morning at 2.14 pence each.
It says it needs investment of around £10 million – it has attempted to raise these funds but didn’t gain sufficient interest and now aims to deliver maximum value for its shareholders through a strategic review.
The company needs money to renew its £25 million lending facilities, which expire on the 20th of April.
These will be renewed by the organisation’s bank if the firm can raise the £10 million needed to finance its turnaround plans.
A spokesperson for the company said: “In the past two years the group has experienced a number of significant and unexpected challenges and legacy issues in its Enterprise division that have hampered the pace of transformation, with a consequential impact on the group’s financial performance.”