Wed, 16 Mar 2011 | ADMINISTRATION
The British biofuel company, Viridas, has admitted that it could be facing administration, blaming hesitant investment due to the government's "lack of clarity" over its support for biomass as a renewable fuel.
In an official statement from the Leeds-based business, a spokesman said that the company had very limited funds remaining and that the directors were currently considering a number of options. These included placing the company into administration or some other insolvency process.
The company had been seeking £1.4 million for the next stage of its development plan, which would have involved the establishing of a farm in Brazil to grow jatropha trees for biomass fuel.
The spokesman said, "Unfortunately, lack of clarity from the government regarding future support for biomass in the renewable energy industry and the reduction of greenhouse gas emissions in the UK has created a high degree of uncertainty and had a significant negative impact on the decision making process of potential investors."
The company said a potential option agreement with investors from Africa had now elapsed and it had informed the Stock Exchange of the directors' current actions. The spokesman said the company currently had the funds to settle its creditors, except for liabilities from the director contracts.
For sale is a long-established tree surgery and arboricultural services business with an excellent reputation, serving both domestic and commercial sectors across Southern England, including the Home Counties and London.
An opportunity has arisen to acquire a mechanical engineering company specialising in the Water Industry. Benefitting from over 3 decades of trading, this business has built a solid and long standing client base comprised of prominent UK utility comp...
An opportunity has arisen to acquire a reputable IT support and development services provider with a UK-wide client base and a proven record for innovation and resilience in the constantly evolving IT sector. Throughout its 25+ year trading history,...
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.