Energy company blames Brexit for administration

Wed, 07 Sep 2016 | ADMINISTRATION

A British company that produces energy for the Latin American markets has gone into administration.

Rame Energy plc, which is based in Plymouth, blamed the UK’s decision to quit the EU for the problems it was having in raising cash from investors to pay for new projects.

It appointed Leonard Curtis Recovery Limited as its administrators. The company made an after tax loss of US$3 million last year, The Plymouth Herald reported.

The administrators have been negotiating with shareholders and others as part of efforts to save the firm. They said there has been some interest and the possibility of recapitalising the company or making a strategic acquisition in the UK or Chile is also on the table.

In a report by the Stock Exchange, the company said: "A number of proposals, varying in nature and quantum, have been received which have been carefully considered.”

Administrators are currently talking to a possible buyer of Rame’s energy interests in Chile, which concentrate on producing renewable power for industry.

The business has been trading since 2002 and was originally called The Seawind Group but is now wholly owned by Rame. The company had 30 staff in Plymouth and the same number working in the Chilean capital Santiago in 2014.

Rame Energy specialises in delivering wind and solar power projects, but since the UK’s Brexit vote at the end of June, it said there had been difficulty in raising essential funding for projects.

It went into administration just a few months after raising an investment of US$4 million to speed up the delivery of its projects in Chile.

Search for businesses for sale


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


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