Wed, 06 Apr 2016 | ADMINISTRATION
A pioneering renewable energy firm based in Liverpool has fallen into administration, citing cash-flow problems as the main reason for the decision.
H2 Energy Group had previously been hailed as a pioneer by Liverpool mayor Joe Anderson when the city council invested in the bio-refinery manufacturer via the Liverpool Vision investment fund. The firm had also received additional funding from Privilege Project Finance. In 2014, the group had partnered with 2 Sisters Food Group to take on a £50 million contract.
The business had been considered a pioneer in the fields of designing and constructing bio-refinery plants, which process the by-products of feedstock left over from the food industry.
However, with cash-flow problems reaching a breaking point and an unsuccessful restructuring, Jason Baker and Miles Needham have been appointed as joint administrators working on behalf of FRP Advisory, which will be seeking buyers for the distressed business as soon as possible.
An FRP Advisory statement read: "Despite the operational achievements of the business, the group has recently faced unsustainable pressure on its cash-flow, prompting the group's board of directors to work with lenders on a financial restructuring and resulting in the appointment of administrators.”
H2 Energy, which is based on Wellington Business Park close to Sandhills rail station, employed a total of 75 staff at the time of entering administration. FRP Advisory has stated that the company would “continue to operate the business while consulting with staff”.
For full listings of distressed companies for sale, see the Latest Businesses in Administration.
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