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.

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