Thu, 18 Jul 2013 | ADMINISTRATION
Energy technology installer VPhase has filed its intention at court to bring in an administrator to rescue the troubled business.
It has ten days to bring in new funding, Cheshire-based VPhase said on Friday 12 July, after which it will bring in an administrator if necessary.
Specialising in alternative energy technology VPhase launched the first range of domestic voltage regulation devices in Britain, designed to create savings on energy bills for householders.
In June VPhase said it needed to get more cash through a share placing if it is to continue, blaming a drop in interest in energy efficiency devices, following the government’s introduction of the Green Deal.
A few weeks later its shares had to be suspended after stirring up little interest in the placing. VPhase had just enough cash to see it through the next few weeks at the time.
Its financial records show a 213 per cent rise in sales to £1.4 million to 31 December 2012, but with losses of £1.66 million generated for the same period.
Commenting on the situation VPhase said: “Whilst the board continues to pursue options to preserve the value of the company, including raising funds by way of debt or equity, and the sale of the business or its assets, there remains no certainly that any funding option will materialise and if none becomes available in the next ten days the appointment of an administrator will be effective.”
The energy firm has a working relationship with leading utility companies including Scottish & Southern Energy and British Gas.
Image: a VPhase voltage optimisation unit
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