Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Energy brokers Utilitywise, based on the Cobalt Business Park in North Tyneside, has announced that it is to enter administration resulting in the immediate loss of jobs. Reports vary though the job losses are thought to be between 460 and 581. The administrators were unable to secure funding to allow the business to continue trading and therefore took the decision to close. The corporate division is still profit-making and will continue to trade with 166 employees being retained.
Staff were reportedly told of the decision at a meeting in the staff canteen, and were also informed that they would not be getting paid for the month of February and would have to make a claim for compensation. Staff were also informed that leased company cars would be collected imminently by the leasing company.
Eurofound (2019), Utilitywise, Bankruptcy in United Kingdom, factsheet number 97323, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/97323.