Thu, 25 Jun 2020 | ADMINISTRATION
Calon Energy Limited (CEL), the holding company of independent power producer Calon Energy Group, has entered administration. CEL has appointed Jim Tucker and David Pike from KPMG’s restructuring division as joint administrators.
Calon Energy Group operates a 2.3 GW Combined Cycle Gas Turbine across three sites: the Sutton Bridge Power Station in Sutton Bridge, Lincolnshire, and two sites in Wales, the Severn Power Station in Newport and Baglan Bay Power Station in Port Talbot.
The group employs around 111 staff, all of whom will remain employed and paid as normal, and has also secured permission for a new Combined Cycle Gas Turbine at Willington Development Site in Derbyshire. CEL’s operating companies are not in insolvency processes and will continue to trade under their respective directors and management.
Joint administrator Jim Tucker said: “Although we have been appointed administrators over the Topco to the group, the group’s power stations continue to operate as normal, outside any insolvency process, under the control of their directors.”
“We will be working with the directors and senior management in the coming months to develop a new business plan for the power stations, before finalising the timeline to commence a sales process.”
For the year ending March 31 2019, CEL reported turnover of £323.4 million, down from £373.2 million in 2018, and an operating loss of £135 million, compared to losses of £48 million the year prior.
The company’s total assets less current liabilities stood at £226.6 million, down from £415.1 million a year earlier. Its adjusted EBITDA for the year was £9.4 million, up from a loss of £9.1 million the previous year.
Find businesses for sale here.
If you are looking for an exit, we can help!
A profitable opportunity has arisen to purchase 2005 established electrical contractor mainly working within the commercial and light industrial sectors of construction and engineering. Work is typically carried out within an 80-mile radius of Bedfor...
The company provides a comprehensive range of building services consultancy providing mechanical and electrical design solutions, including sustainability and energy performance solutions. The company offers in-depth and flexible services to accommod...
Offers a one-stop solution which incorporates machining, fabrication and a 24-hour, on-site welding and fitting service. Key services offered include industrial gearbox repairs, general and stainless steel fabrication, precision engineering, roller a...
24
|
Apr
|
Middlesbrough metal recycling firm acquired from administration | BUSINESS SALE
Cupral Group Limited, a metal recycling business based in Mi...
24
|
Apr
|
Automotive parts supplier secures PE backing | BUSINESS SALE
Rimmer Bros, a Lincoln-based restorer and supplier of replac...
24
|
Apr
|
Kitchen firm expands construction sector offering with new acquisition | BUSINESS SALE
Nolte Kitchens UK has completed the acquisition of contracts...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
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.