Thu, 18 Jul 2013 | ADMINISTRATION
Energy technology installer VPhase has filed its intention at court to bring in an administrator to rescue the troubled business.
It has ten days to bring in new funding, Cheshire-based VPhase said on Friday 12 July, after which it will bring in an administrator if necessary.
Specialising in alternative energy technology VPhase launched the first range of domestic voltage regulation devices in Britain, designed to create savings on energy bills for householders.
In June VPhase said it needed to get more cash through a share placing if it is to continue, blaming a drop in interest in energy efficiency devices, following the government’s introduction of the Green Deal.
A few weeks later its shares had to be suspended after stirring up little interest in the placing. VPhase had just enough cash to see it through the next few weeks at the time.
Its financial records show a 213 per cent rise in sales to £1.4 million to 31 December 2012, but with losses of £1.66 million generated for the same period.
Commenting on the situation VPhase said: “Whilst the board continues to pursue options to preserve the value of the company, including raising funds by way of debt or equity, and the sale of the business or its assets, there remains no certainly that any funding option will materialise and if none becomes available in the next ten days the appointment of an administrator will be effective.”
The energy firm has a working relationship with leading utility companies including Scottish & Southern Energy and British Gas.
Image: a VPhase voltage optimisation unit
__________________________________________________________________________
Related information:
Cornwall home energy efficiency firm for sale
Established name within the Kitchen & Bathroom design and Installation sector. Offering wide and varied customer base with healthy order book.
Leading domiciliary assisted living facility boasting an enviable reputation for providing high-quality care at home with a highly experience team of around 80 staff members.
LEASEHOLD
Outstanding independent plumbing, heating & gas installation company located in central Scotland. Boasting a prime trading location, and tremendous room for further growth.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.