Wed, 30 Mar 2016 | BUSINESS SALE
Two renewable energy firms based in Norwich have gone into liquidation, blaming a lack of business in the wake of cuts to government subsidies, reports Eastern Daily Press.
The two solar panel companies, Absolute Renewable Energy (UK) and Eco Juice, have reportedly closed after new orders for solar panels dried up, which the companies say was a direct result of the government cutting solar subsides from 12.47p to 4.39p per kilowatt hour back in February 2016.
At the time, the government argued that solar and onshore wind projects should be able to support themselves by now, and highlighted its reservations that the renewable budget of £7.6 billion would be drastically overspent.
It wasn’t long until both firms entered liquidation, with both companies closing for business on 17 February 2016.
Absolute Renewable Energy (UK) had accumulated debts of £800,000 at the time of closure, half of which it owed to parent company Avonside Group Services.
Dean Watson, the liquidator and a partner at Begbies Traynor Insolvency Practitioners, said: “The firm got to the new year and the order book was drying up”.
Eco Juice, on the other hand, had debts of £43,000, according to Jamie Playford, the liquidator from Leading Corporate Recovery.
See the latest businesses in liquidation, or how to profit from buying distressed businesses.
The company designs and delivers electronic portfolios for organisations that capture and assess evidence for personal, professional, and organisation recognition, internationally. The company creates leading digital solutions that mirror and enhance...
A distributor of oils and ancillary cleaning products to a wide client base, and is not dependent on any one client or market sector. These Items are an essential component to ensure smooth operation of equipment and reduce wear & tear and reduce ope...
The company is an equestrian business comprising a popular retail store, accredited livery and riding facilities and a competitive events operation, operating from an attractive rural location in the East Midlands.
LEASEHOLD
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.