Mark Group enters administration

Thu, 08 Oct 2015 | ADMINISTRATION

Energy company Mark Group has entered administration after struggling with heavy financial losses.

Headquartered in Leicester, the company was founded in 1974. It employed some 1,165 staff across its 13 branches around the UK. Unfortunately 939 of those employees have now been made redundant.

A statement from the company explained that the company had already been in the process of a turnaround plan but government policy changes only announced recently have meant that their strategy of focusing on solar PV is no longer viable.

The decision came after the firm's managers made a last ditch attempt to rescue the firm by buying it from its parent SunEdison. However, the decision was taken that putting the business into administration was the best route forward.

The company added in a statement to ITV News: “Mark Group is now in the hands of administrators who are working to secure an urgent sale of the ongoing business. Prospective purchasers are encouraged to get in contact as soon as possible.”

Chris Farrington of Deloitte was appointed as joint administrator of Mark Group. Mr Farrington commented: “Unfortunately, the Company has sustained heavy losses due to structural changes in its core markets, which it has been unable to survive, despite some significant recent investment.

“With regret, the Administrators are having to make a significant number of redundancies, but are working with remaining employees to secure an urgent sale of the ongoing business.”

Get in touch with the administrator

View more businesses in administration.


Share this article



Latest Businesses for Sale

Natural Stone Supply Company: Sourcing/Processing/Distribution
Aberdeenshire, Scotland, UK

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.

Asking Price: £1,050,000
Turnover: £1,100,000

RELOCATABLE


Precision Engineering Business
North West, UK

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.

Asking Price: Offers Invited
Turnover: £400,000

LEASEHOLD


Accountancy Business
UK Wide

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...

Asking Price: £1,300,000
Turnover: £1,300,000


View more businesses for sale

News Search

Latest News

 
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,...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
28
 
Aug
 

Buyer sought for Links of London | BUSINESS SALE

The Folli-Follie Group (FF Group) has announced today that i...

 
13
 
May
 

Historic West Yorkshire manufacturer enters administration | ADMINISTRATION

A construction industry supplier based in West Yorkshire has...

 
23
 
Apr
 

The Hut Group buys Christophe Robin haircare brand | BUSINESS SALE

British e-commerce firm The Hut Group (THG) has acquired Fre...

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