Aquamarine Power enters administration

Fri, 30 Oct 2015 | ADMINISTRATION

Scottish firm Aquamarine Power has gone into administration following economic problems caused by the lack of private investment.

The Edinburgh-headquartered firm is the creator of Oyster, a wave energy technology. It has been testing the wave generator at the European Marine Energy Centre in Orkney but said that it made the decision to go into administration while it looks for a new investor.

James Stephen and Graham Newton, partners at BDO LLP business restructuring, have been appointed as joint administrators to Aquamarine.

The Oyster is a giant hinged flap that is attached to the seabed and then creates waves, with the view to using this as a form of energy. Previously, Aquamarine has received a £580,000 EU grant to develop its technology as well as a £2 million contract from Wave Energy Scotland.

Paddy O’Kane, Aquamarine Power’s CEO said: "Today’s news underscores the financial as well as technical challenge in bringing an entirely new form of energy generation to commercialisation. New private sector funding is required now to deliver our technology roadmap."

The administrators added that all 14 members of staff would be retained and the business would continue to operate while new investment was sought.

Mr Stephen commented: "Whilst the company has seen many successes over the last few months, including securing a €800,000 grant from the EU as well as a £2 million contract from Wave Energy Scotland, the economic climate has significantly affected the business.

"The lack of private sector backing to supplement public funding support placed the company under cash flow strain and the directors concluded the best prospect of concluding a transaction was via the protection of administration. The company holds liquid funds which will allow this strategy to be pursued."

Subscribers can contact the administrator here...

Find a business in administration that suits your interests.


Share this article



Latest Businesses for Sale

MOT & Motor Repair Business
Shepherds Bush, London, UK

Long established, successful and profitable MOT, servicing and repair motor business in London. Ill health forces sale. Limited competition. Exceptional reputation. Parking available for 4/5 cars. Offers invited.

Asking Price: £900,000
Turnover: £300,000

Window & Conservatory Business
East Riding of Yorkshire, Yorkshire and the Humber, UK

Excellent window and conservatory business. Superb bolt-on business. Entirely word of mouth business and still growing. No marketing necessary at this turnover. Offers invited.

Asking Price: £210,000
Turnover: £1,100,000

LEASEHOLD


Italian Restaurant
Rugeley, Staffordshire, UK Wide

Reputable Italian restaurant in Rugeley, established since 1997. Business comes with fully licensed bar free of tie. Offers invited.

Asking Price: Offers Invited
Turnover: £303,193


View more businesses for sale

News Search

Latest News

 
15
 
Jul
 

Specialist engineering firm forced to appoint administrators | ADMINISTRATION

Rail contracting company Aspin Group Limited has been forced...

 
12
 
Jul
 

Irish mobile diagnostics firm snapped up by Blancco Technology Group | BUSINESS SALE

Blancco Technology Group, which provides a range of mobile d...

 
11
 
Jul
 

ASL Group completes its third acquisition in 18 months with Reprotec | BUSINESS SALE

Just one week after securing fresh private equity backing, A...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
27
 
Jun
 

Administrators appointed for major bathroom retailer – buyer sought immediately | ADMINISTRATION

With 135 stores dotted around the country, and thought to be...

 
14
 
Jun
 
 
31
 
May
 

Luxury chocolatier enters administration | ADMINISTRATION

A high-end chocolate maker has collapsed into administration...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources