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

Recruitment Agency (Fast Sale)
North West, UK

Indicative offers are required by 12:00hours on Monday 20 January 2020 with a view to completion shortly thereafter. The proposed Joint Administrators are seeking parties interested in the business and assets of a Company that trades as a recruitment...

Asking Price: Offers Invited
Turnover: £2,400,000

LEASEHOLD


Commercial Contractor (Fast Sale)
Midlands, UK Wide

Offers and proof of funding sought by 17:00hours on Friday 24 January 2020. The Joint Administrators are seeking parties interested in the business and assets of a commercial contractor business based in the Midlands.

Asking Price: Offers Invited
Turnover: £3,400,000

Hospitality Industry Recruitment Specialist
UK Wide

Provides highly skilled and professional hospitality staff across a variety of sectors. Recognised as both a preferred and top tier supplier for several of its prestigious clients. Supplying both temporary and permanent Nationwide staffing solutions....

Asking Price: Offers Invited
Turnover: £3,500,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
17
 
Jan
 

Sample book and shade card manufacturer acquired from administration | BUSINESS SALE

The business and assets of Yorkshire-based display products ...

 
16
 
Jan
 

Northgate and Redde shareholders approve merger | MERGER

The proposed merger of listed companies Northgate and Redde ...

 
15
 
Jan
 

SSE sells retail business to OVO Energy | DIVISION SALE

Power utility SSE has announced it has completed the sale of...

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