Around 570 jobs are at risk as energy broker Utilitywise has gone into administration.

The company has called in administrators two weeks after putting itself up for sale.

FTI Consulting has been appointed to handle the administration process of the energy broker, which helped small and medium sized as well as microbusinesses procure gas and electricity.

The news comes as Utilitywise (UTW) failed to raise “sufficient funding to cover trading losses and implement the turnaround strategy required by the Enterprise business”.

It added in a statement: “Furthermore, the formal sale process for the Group announced by the board on 28 January 2019 did not result in any offers to acquire the Enterprise division, or the Group as a whole.

“Consequently, the directors of UTW sought the appointment of Administrators at UTW. The administrators have taken the decision to cease trading for the Enterprise division immediately but are continuing the sales process for UTW’s subsidiary companies.”