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Well their Nominated Adviser has just quit so under Stock Exchange rules, if they don’t replace them the shares are de-listed, I believe
I think you mean “hallmarks”......and you’re clearly talking boll**ks because their cash position is so much stronger than UTW’s ever was. Their revenue recognition policy is totally different which is why their investors love them.
Richard Feigen. It also mentioned the fact that they had had to pay-off a large Client to the tune of several hundred thousand £’s pre-floatation so they obviously had history!
Let’s be very clear here. A lot of people (staff as well as Directors and ex-Directors) have made a lot of money out of UTW over the years. That’s fair enough (leaving aside any specific points around sales tactics and revenue recognition policies etc for the time being). What I find shocking is that the ex-CEO and ex-CFO have both gone on to setup businesses whose business models are predicated on slating the very type of business that made them multi-millionaires. Where’s their dignity and self-respect? It’s all very well them lauding it up in their big houses but what about the staff who are now out of work and desperately scrabbling around for work? Many of them have only ever worked in this sector so where do they go to find employment to pay their bills and feed their families? Meanwhile they have to observe their ex-Directors taking the proverbial! Shame on you!
Nope. It’s game over. Staff out of work with immediate effect. I suspect the offers they received weren’t big enough as they would have had to take on the company’s liabilities.
He did but it obviously wasn’t good enough. EIC, T-Mac and Icon are still trading (look at their website).
I think they mean this - http://www.utilitywise.com Very sad for the decent hard-working members of staff left unpaid and out of work. This will hit the North-East really hard.
Leaves an interesting dilemma for Business Energy Claims doesn’t it, Anon321?
https://www.chroniclelive.co.uk/business/business-news/doubts-grow-future-utilitywise-firm-15789101
Whilst no-one can argue that BF has failed to get things back on track, the slide began back in June 2017 when they announced that they had to re-pay nearly £8m in overpaid commissions. What's also interesting is the following extract from that RNS - "Approximately £5.7m of this amount relates to contracts that commenced prior to September 2016, the majority of which relates to the period January 2015 to August 2016, with the balance of £1.9m made up of contracts that were placed after that date."
So there can be little doubt that those 'legacy issues' have played a significant part in the declining share price / company valuation. That, couple with declining investor confidence, cannot be discounted.
Too many defensive points about the previous CEO’s regime. How much value was generated by the significant investment in Edd:e? How much was generated by the investment in ‘energy services’? The sales teams were dishing-out worthless energy audits in order to try to justify crazy up-lifts on Clients’ unit rates. If anyone choosesvto read the pre-IPO prospectus they’ll note the ex-CRO’s form when it comes to ripping-off Clients. Just ask the Nobles! Transparency is everything! That’s why Business Energy Claims will probably do very well!
Anyone would think YOU were the ex-CEO, Anon321! 😉
Yes, it’s been evident for a long time that BF has zero grasp of this business. Leaving aside any points regarding aggressive selling, inflated usage figures, etc., he seems to have thrown huge sums of money at various ‘initiatives” that were never going to yield meaningful returns. He had a cushy life at Sage. He inherited a hugely successful Division. All he needed to do was not f**k it up. Unfortunately he’s failed (miserably) at UTW and he should be ousted asap.
It didn’t actually cost them anywhere near that much as it was conditional on T-Mac hitting certain targets (which they failed to do).
Another week goes by and still no news (good or bad). Interesting to see that INSE have just bought Inprova. 6 x profit. Nice deal for both parties. UTW can only watch from the sidelines. To think that UTW were once worth 25 times what INSE were and now INSE are worth 25 times UTW!
Agreed. 8 of their employees attended so add-in the cost of train tickets, hotels and lost productivity and you have to wonder who’s managing the purse strings.
Given that their salary costs were £57m in 2016-17 you would hope they have a healthy pipeline of business (and that their conversion rates are healthy too). Even with the recent redundancy programme that’s a lot mouths to feed.
To be honest, even if Woodford had lost £20-£30m here it would be a drop in the ocean compared with his other losses so I for one wouldn’t expect this to even feature on the radar
Interesting to see that they’ve re-branded Corporate Division as Energy Intelligence Centre. EIC was the companybthat became Corporate Division when it was acquired 5 years ago (though it was Energy Information Centre back then).
Article in the Business section of The Sunday Times. I suspect he has bigger investments to worry about than Utilitywise