Wed, 08 Sep 2021 | ADMINISTRATION
Scottish wind turbine manufacturer CS Wind (UK) has fallen into administration, with the company’s assets, including plant, machinery and a residential property, now being marketed for sale. FRP Advisory’s Michelle Elliot and Tom MacLennan have been appointed as joint administrators to the firm.
CS Wind has suffered declining revenue and contracts in recent years due to deteriorating market conditions. This resulted in the company entering a managed wind down and effectively being mothballed in the spring of last year, with just one full-time member of staff working at the firm’s Argyllshire factory.
FRP said that the company’s directors have seen no immediate prospect for a recovery in the market, leading them to ultimately take the decision to place the business into administration and put its assets up for sale.
Michelle Elliot commented: “CS Wind and its predecessor businesses have a long tradition of designing, manufacturing and supplying high quality wind tower solutions to clients across the UK and Europe.”
“The wind tower industry has hence had a significant presence in Argyll for many years, but market conditions have unfortunately resulted in the business being unsustainable and with no immediate prospect of recovery. We will now move to market the assets of the business for sale.”
The company’s most recent accounts at Companies House cover the year ending December 31 2019 and show a £2.6 million post-tax profit on revenue of £41.9 million. At the time, the firm’s net assets were valued at £35.1 million, while total liabilities stood at £20.2 million, leaving the company with total equity of £14.8 million.
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