Buyer wanted as tidal energy firm enters administration

Mon, 24 Oct 2016 | ADMINISTRATION

A buyer is being sought for a tidal energy company in Wales that has gone into administration.

Tidal Energy Ltd (TEL), with offices in Pembroke Dock and Cardiff, was established in 2001 and operates a tidal turbine off St David’s Peninsula.

Administrators Begbies Traynor said "economic and political uncertainty" has had a negative impact on the business.

TEL has developed DeltaStream, a 400kw tidal technology device weighing 200 tonnes that generates tidal power. It has been successfully tested at Wales’ first tidal energy site at Ramsey Sound in Pembrokeshire.

Tidal Energy Ltd Director, Chris Williams, said the results of testing the technology made the company a strong commercial prospect. “The full turbine characteristics have been tested and verified, and we also possess a wealth of data and information that makes the whole operation, including the turbine and the Ramsey Sound site an attractive proposition to potential partners,” he said.

“Unfortunately, market forces have meant we have struggled financially, but we are confident that we have the skillsets amongst our people and a tried and tested technology in place that makes us confident about our future prospects. We therefore strongly believe we can help the UK lead the world in the development and application of tidal technology."

The administrators have kept key staff and plan to continue the company’s operations while a buyer is sought for the business.

Steve Wade, from Begbies Traynor, said: “We hope that by working closely with the board of directors and government agencies we can attract potential purchasers to emerge from a variety of different sources.”

Visit our businesses in administration hub for in-depth advice on all aspects of distressed businesses.


Share this article



Latest Businesses for Sale

Pharmacy
Cambridgeshire, UK Wide

Long established community pharmacy. First time on the market in 30 years. Now occupying exemplary new purpose built accommodation. Standard hours. Offers invited.

Asking Price: Offers Invited
Turnover: £885,000

LEASEHOLD


Creative Consultancy & Interior Design Solutions
UK Wide

Works closely with clients to produce interior design solutions for educational institutions, which could be marketed to more sectors.Additionally offers an array of creative media, including videos,presentations, websites, branding and full direct m...

Asking Price: Offers Invited
Turnover: £873,000

RELOCATABLE


Health Centre Pharmacy
Devon, UK Wide

Unopposed health centre pharmacy. Semi-rural location. In receipt of Pharmacy Access Scheme payments. Offers invited.

Asking Price: Offers Invited
Turnover: £845,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
24
 
Jan
 

Hawkin’s Bazaar enters administration | ADMINISTRATION

Norwich-based novelty toy retailer Hawkin’s Bazaar has...

 
23
 
Jan
 

MBO at Bristol-based media training firm | MBO/MBI

Mentor Media Training has been acquired by lead consultant D...

 
22
 
Jan
 

Chelmsford warehouse management firm bought by software provider | BUSINESS SALE

Chelmsford-based warehouse management solutions provider Min...

Free guide: 10 Biggest Buyer Mistakes

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

Email


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