Thu, 08 Oct 2015 | ADMINISTRATION
Energy company Mark Group has entered administration after struggling with heavy financial losses.
Headquartered in Leicester, the company was founded in 1974. It employed some 1,165 staff across its 13 branches around the UK. Unfortunately 939 of those employees have now been made redundant.
A statement from the company explained that the company had already been in the process of a turnaround plan but government policy changes only announced recently have meant that their strategy of focusing on solar PV is no longer viable.
The decision came after the firm's managers made a last ditch attempt to rescue the firm by buying it from its parent SunEdison. However, the decision was taken that putting the business into administration was the best route forward.
The company added in a statement to ITV News: “Mark Group is now in the hands of administrators who are working to secure an urgent sale of the ongoing business. Prospective purchasers are encouraged to get in contact as soon as possible.”
Chris Farrington of Deloitte was appointed as joint administrator of Mark Group. Mr Farrington commented: “Unfortunately, the Company has sustained heavy losses due to structural changes in its core markets, which it has been unable to survive, despite some significant recent investment.
“With regret, the Administrators are having to make a significant number of redundancies, but are working with remaining employees to secure an urgent sale of the ongoing business.”
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