Tue, 21 Sep 2021 | ADMINISTRATION
A portfolio of 10 wind turbines across Scotland, England and Northern Ireland are to be marketed for sale by administrators following the collapse of the company that owned them. Edinburgh-headquartered Future Renewables Eco (FRE) entered administration earlier this week, appointing Interpath Advisory to handle the process.
FRE was established in 2015, with funding coming largely from £24 million that was invested by 750 bondholders between 2015 and 2017. The company employed no full-time staff, with maintenance carried out by contractors
The firm’s 10 turbines are located across nine fully operational sites, with each generating profit after operational costs. However, the profits generated proved insufficient to meet bondholders’ interest payments with the company also having overdue capital repayments.
In an effort to address these cashflow issues, FRE sought to change bondholders’ debt terms. A bondholder meeting to vote on this is scheduled for September 28, however, following a high volume of proxy votes against the proposal, the group’s directors have moved to put the firm into administration.
The administration comes shortly after the collapse of another Scottish wind turbine firm, Argyll-based CS Wind, earlier this month.
Administrators from Interpath will now continue to operate FRE’s wind turbines while looking to secure a sale of the portfolio.
Interpath Advisory’s Chief Executive Blair Nimmo commented: “The UK is renowned for its expertise in renewable energy, and whilst FRE has been successful in compiling a portfolio of operationally successful assets, there was a mis-match between levels of cash being generated and the capital structure of the business.”
Interpath’s Managing Director in Scotland, Alistair McAlinden, added: “Understandably, bondholders will be anxious about the impact of the administration appointments upon the sums which FRE owe them and will have many questions. Over the coming days we will be contacting all bondholders to explain the implications of the administration appointments and to confirm next steps.”
View the latest distressed UK businesses here.
An excellent opportunity to acquire a specialist engineering and service work operation that also has a design and development aspect within the national grid. The business was established by our client in 1978 and has grown and developed to todays l...
LEASEHOLD
A long-established civil engineering contractor primarily providing its services for road infrastructure projects throughout Northern England. 95% of clients provide reliable, repeat business on an ongoing basis. Maintains strong, long-standing clien...
LEASEHOLD
Stocks and supplies a variety of precision engineering components, including standard machinery and equipment elements, die sets, press tool components, mould tools, die and gas springs, punches, presses and custom parts. An accredited company with a...
LEASEHOLD
|
30
|
|
Sep
|
Administrators seek buyer for pie maker’s manufacturing sites and other assets | ADMINISTRATION
Administrators from FRP are seeking a buyer for a longstandi...
|
29
|
|
Sep
|
Wetherspoons to sell 32 pubs as costs rise | COMMERCIAL PROPERTY
Pub chain JD Wetherspoon has announced that it will sell 32 ...
|
28
|
|
Sep
|
Assets to be sold after collapse of black plastics recycling firm | ADMINISTRATION
Administrators are seeking to sell the assets and intellectu...
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