Thu, 15 Mar 2018 | ADMINISTRATION
A Scottish company that makes small wind turbines has been placed into administration, putting all jobs at the green energy company at risk.
Glasgow-based Gaia-Wind has announced that it will go into provisional liquidation after appointing advisor Michael Reid from Meston Reid & Co, an Aberdeen-based insolvency practice.
The company, which has a long and successful history in the industry, said that heightened competition had hit sales in Denmark, while the UK government’s cut to green energy tariffs had also hit hard.
Similar pressures in Italy and Japan - where both governments cut support for small-scale wind turbines - also led to the company dramatically reducing its presence in those territories, despite a renewed business plan being put in place for 2017.
Appointing a liquidator means that 12 jobs are currently at risk, though Reid and his colleagues are said to be focused on finding a buyer for the business in whole, or finding parties who will take on the firm’s assets.
Director Johnnie Andringa said: “Appointing a liquidator is the last resort because the board has worked hard over a long period of time to develop a sustainable business in wind energy.
“With almost 2,000 wind turbines installed mainly in UK and Europe as well as Australia, Tonga and Alaska, an opportunity presents itself for someone to purchase the service, maintenance and spare parts aspect of the business.
“With the turbine design offering the best price, performance and reliability available in the market, and demand still evident for the product in the UK and globally. It would be great if a trade sale could be achieved which preserves the jobs of the highly skilled and committed workforce.”
Jenny Horgan, Deputy Chief Executive of Scottish Renewables, said that “disappointing” news was indicative of the lack of support for renewable energy provided by the UK government.
This company specialises in supplying the highest quality natural stone products, offering a complete turnkey solution to its customers from sourcing, through to processing, design and final distribution and delivery. Offers invited.
RELOCATABLE
Precision Engineering Business for sale operating with a modern, well equipped machine shop, offering Engineering Development Modelling (EDM), CNC turning & milling, grinding, boring and fitting. Offers invited.
LEASEHOLD
High quality practice with strong middle management on the market for the first time. Established: 25 to 30 years. Strong middle-tier management to support acquirer throughout the transition period and on an ongoing basis. Locations: Cheshire, Mersey...
|
20
|
|
Sep
|
Thomas Cook seeking 'last-ditch' fire sale | BUSINESS SALE
Thomas Cook Group is reportedly trying to piece together a l...
|
19
|
|
Sep
|
Smith & Williamson and Tilney to merge | MERGER
After revealing in August this year that talks were in place...
|
18
|
|
Sep
|
Infrastructure investment manager takes stake in LJLA | BUSINESS SALE
Infrastructure investment management group, Ancala Partners,...
Sign up to receive our acquisition alert emails to get your FREE guide
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources