Ex-CEO mounts rescue bid for ailing Utilitywise

13th Feb 2019 10:48

(Sharecast News) - A bid to save the future of business utilities consultancy Utilitywise was launched on Tuesday, by its founder and former chief executive officer Geoff Thompson.The ailing AIM-traded firm revealed in January that it needed £10m to fund its new strategy, as it struggled to mount what it called "legacy issues" and other unexpected challenges.It said at the time that lenders would only renew its facilities once the turnaround funding was confirmed.Thompson, who stepped down from the board of the company two years ago, is understood to be in talks with potential suitors to take over the business, and have presented what he described as a "very credible" rescue package to shareholders and advisors.Utilitywise said it had been discussing options with a number of potential buyers since it revealed its funding hole last month.