Wed, 17 Jul 2024 | ADMINISTRATION
Administrators are seeking a buyer following the collapse of a Warwickshire-based manufacturer of micro gas turbines. Bladon Jets (UK) Limited operates its main Engineering and Assembly Centre in Warwick, while the company’s head office is located on the Isle of Man.
The firm is a specialist in the design, development and manufacture of micro turbine gensets (MTGs). Despite its status as a major manufacturer in the industry, the company has experienced mounting financial difficulties over recent years and accrued significant liabilities.
Over the last few years, Bladon Jets had made a multimillion-pound investment in the business, but it has struggled to secure the required next stage of funding for its short-term operations, leading to cashflow challenges and uncertainty.
In its most recent accounts at Companies House, for the year ending December 31 2022, Bladon Jets reported revenues of close to £290,000, up from under £40,000 a year earlier, but saw its losses widen significantly from £15.6 million to £22.4 million.
At the time, the firm’s non-current assets were valued at nearly £11.9 million and current assets at £16.4 million, but net liabilities exceeded £96 million, compared to £73.7 million a year earlier.
As a result of its financial issues, Bladon Jets (UK) fell into administration on July 8, with Matthew Ingram and Mark Blackman of Kroll Advisory appointed as joint administrators. The joint administrators are now in the process of seeking a buyer for the company’s business and assets.
Joint administrator and Kroll Advisory Managing Director Matthew Ingram commented: "Bladon Jets is at the forefront of developing market leading, twenty first century power generation services.”
"The significant investment in this technology over the last few years now represents a real opportunity for the right buyer to access their market leading research and development, advanced production capabilities and fully researched go to market proposition as the business looks to scale its operations."
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