BSR
BSR
  • Home
  • Distressed Businesses
    • All Distressed Businessess
    • Administrations
    • Liquidations
    • Winding Up
    • Insolvency Advice  New
  • Buy a Business
    • All Businesses for Sale
    • Find a Business for Sale
    • Raising Business Finance
    • Buyer Acquisition Service   New
    • Escrow Service   New
  • Sell a Business
    • Sell Your Business
    • Seller Accounts
    • Need Help Selling?
    • Help With Finance New
    • Business Valuation
    • Business Wanted Adverts
  • Insights & News
    • View All News
    • View All Insights
  • Off-market
    • Source deals
  • Log In
  • Join Now
Join now
11111111

Home / News / Portfolio of wind turbines up for sale as second Scottish firm enters administration

Portfolio of wind turbines up for sale as second Scottish firm enters administration

Tue, 21 Sep 2021 | ADMINISTRATION

Portfolio of wind turbines up for sale as second Scottish firm enters 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.


Share this article



Latest Businesses for Sale

Engineering Business
UK Wide

The offered company provides a broad range of metal finishing from its dual facilities in Ireland.

Asking Price: Offers Invited
Turnover: £5m+

Precision Engineering Company
North West, UK

Turnover of over £778k. EBITDA of circa £260k in the same year. Offers high-quality precision engineering services using the latest technology and equipment. Provides CNC milling and turning and EDM wire erosion. Certified to BS EN ISO 9001:2015 sta...

Asking Price: Offers Invited
Turnover: £778,000

LEASEHOLD


HVAC Engineering Specialist
South of England, UK

This company offers a comprehensive range of design, installation, and maintenance services for clients throughout Southern England; it is now on the market.

Asking Price: Offers Invited
Turnover: £3m - £4m

FREEHOLD



View more businesses for sale

News Search

Latest News

 
26
 
Jan
 

UK M&A down 16 per cent in 2022, but sentiment remains optimistic | BUSINESS NEWS

New analysis from PwC has revealed that UK M&A activity decl...

 
26
 
Jan
 

Private equity-backed law firm targeting further M&A in 2023 | BUSINESS NEWS

Stowe Family Law, a Leeds-headquartered specialist family la...

 
25
 
Jan
 

Eastbourne seafront hotel on the market for £2.3m | COMMERCIAL PROPERTY

The Eastbourne Riviera Hotel, located on the town’s po...

Free guide: 10 Biggest Buyer Mistakes

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

Email


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

Become a Member

News Categories

  • - Business Sale
  • - Division Sale
  • - Administration
  • - MBO/MBI
  • - Merger
  • - Commercial Property

View all news

logo
Our Services Distressed Businesses
  • Businesses for Sale
  • Distressed Companies
  • List a Business
  • Help with Finance
  • Buyer Acquisition Service
  • Small Businesses for Sale
Company Buy a Business
  • About BSR
  • Insights
  • News
  • FAQs
  • Reviews
Get In Touch
020 8875 0200
[email protected]
167 Oakhill Road, London, SW15 2QW
Working hours: Mon-Fri, 9am - 5:30pm
About BSR
Business Sale Report is the UK's leading
independent business for sale & distressed business listing service.
Established in 1995, BSR offers an up-to-the-minute, comprehensive overview of businesses for sale, latest distressed business listings and daily acquisition news.
Subscribe

Subscribe to our newsletter to receive news about the latest businesses for sale.

  • Terms
  • Privacy
  • linkedin
  • facebook
  • twitter
© 1995-2023. Business Sale Report Ltd. All rights reserved. www.business-sale.com.