Wed, 12 Dec 2012 | ADMINISTRATION
G24 Innovations, a solar power company based in Cardiff, has entered administration.
The business designs flexible solar panels which can be used to power mobile phones. It is located on the east of Cardiff and embraced the environmental message with the installation of a large wind turbine outside the factor.
Administrators from Wilkins Kennedy have been appointed and have stated that they hoped to save the business by maintaining it as a going concern at the moment in order to preserve jobs.
A spokesman from the administrators said that they were appointed on 2 December to handle the company.
“The company's affairs, business and property are now being managed by joint administrators,” he said.
“The purpose of the administration is to save the business as a going concern and preserve the jobs of the employees and by doing so achieve a better result for the company's creditors as a whole than would be likely if the company were wound up.”
G24 Innovations moved to Wales in 2006 with the backing of around £60 million investment behind it. The company claimed that it would create around 300 high tech jobs in Wales, although it is unclear if this was ever achieved.
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