A leading UK renewable energy firm with revenues of £3.5 million is being marketed for a sale by its administrators.
The Cornwall-based business designs and installs systems that heat homes and offices with energy absorbed from the ground. Buried pipes are used to extract heat from the ground, which is mainly used for hot water, radiators and under-floor heating.
The systems can be used in the majority of new buildings in the UK and Europe.
Earth Energy entered administration last week following a cut in public spending after the Government’s Spending Review.
Managing director Brian Kennelly explained, “Most of our business was related to the public sector and it pretty well dried up following the Comprehensive Spending Review in October.”
Ian Walker at Begbies Traynor commented, “This company is at the forefront of the industry in pioneering green energy. There is likely to be considerable interest in the business and I am very confident the business will be sold as a going concern in due course.”
Simon Lomax, managing director at Kensa Engineering, which is also based in Cornwall, believes that Earth Energy’s demise is the Government’s fault. “The Government’s continued delay in the launch of its flagship Renewable Heat Incentive, designed to reward homeowners and businesses who install heat pumps, has placed many companies in a difficult position.” Mr Lomax said he would be willing to take on some of Earth Energy's staff if a buyer is not forthcoming.
Established in 1996 with 24 staff, Earth Energy is part of the GeoScience Group, an international earth sciences consultancy that has worked on geothermal projects in the UK, USA, parts of Europe and Indonesia.
Contact Chris Norman at Begbies Traynor for more information about this sale.
Email: christopher.norman@begbies-traynor.com Tel: 01392 260 800
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