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Swiss Energis heads for the hills

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Energis' Swiss business is expected to begin insolvency proceedings after its troubled UK parent confirmed today that it would no longer continue funding the operation.

Although the future of Energis Switzerland AG now looks bleak, Energis plc said it is still holding discussions with potential buyers of its businesses in Germany (Energis Ision) and The Netherlands (Energis NV).

Energis will continue to support these businesses while discussions progress on their sale, the company confirmed today.

Energis also said it remained "committed to its strong UK business", adding that it has the financial support of its banks.

In February Energis said it planned to sell it continental European operations following an revenue warning which rocked investor confidence.

The alternative carrier also confirmed that it planned to axe 400 UK jobs in a bid to save £25 million a year.

At lunch shares in Energis were down .11p (4 per cent) at 2.6p. ®

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