Energis on the brink of sale

NEWS UK carrier Energis is fast approaching the sale or recapitalisation of its UK business following talks with investors. However, the company, which was spun out of National Grid in 1997, has failed to find a buyer for its German unit, Ision Internet AG. The German arm cost Energis E1bn (£600m) but has failed to turn a profit. The Energis board has ceased funding the unit and Ision will now enter insolvency proceedings. A statement to the London Stock Exchange told investors: "The board is confident that the U.K. business will be placed on a stable financial footing.''