Thu, 25 Jun 2020 | ADMINISTRATION
Calon Energy Limited (CEL), the holding company of independent power producer Calon Energy Group, has entered administration. CEL has appointed Jim Tucker and David Pike from KPMG’s restructuring division as joint administrators.
Calon Energy Group operates a 2.3 GW Combined Cycle Gas Turbine across three sites: the Sutton Bridge Power Station in Sutton Bridge, Lincolnshire, and two sites in Wales, the Severn Power Station in Newport and Baglan Bay Power Station in Port Talbot.
The group employs around 111 staff, all of whom will remain employed and paid as normal, and has also secured permission for a new Combined Cycle Gas Turbine at Willington Development Site in Derbyshire. CEL’s operating companies are not in insolvency processes and will continue to trade under their respective directors and management.
Joint administrator Jim Tucker said: “Although we have been appointed administrators over the Topco to the group, the group’s power stations continue to operate as normal, outside any insolvency process, under the control of their directors.”
“We will be working with the directors and senior management in the coming months to develop a new business plan for the power stations, before finalising the timeline to commence a sales process.”
For the year ending March 31 2019, CEL reported turnover of £323.4 million, down from £373.2 million in 2018, and an operating loss of £135 million, compared to losses of £48 million the year prior.
The company’s total assets less current liabilities stood at £226.6 million, down from £415.1 million a year earlier. Its adjusted EBITDA for the year was £9.4 million, up from a loss of £9.1 million the previous year.
Find businesses for sale here.
If you are looking for an exit, we can help!
Long-established provider of onsite machining and repair services operating a one-stop shop for a large range of engineering solutions across a global client base. Specialising in a range of applications the group operates in several industries provi...
LEASEHOLD
Specialises in the provision of a wide range of wiring and engineering services and labour. Predominantly operates in the broadcast and AV industries. Works with 20 active clients, all of whom provide reliable, repeat business. Operates to an extreme...
LEASEHOLD
Specialises in the design and installation of chilled water, heating, cooling and ventilation systems. Caters to 10 clients, all of whom provide repeat business on an ongoing basis.
LEASEHOLD
20
|
May
|
Administrators seek buyer for gourmet instant noodle brand | ADMINISTRATION
Bournemouth-based instant foods brand Mr Lee’s Pure Fo...
19
|
May
|
Knights continues acquisition-lead growth strategy with £11.5m deal for law firm | BUSINESS SALE
Legal services company Knights has acquired Portsmouth-headq...
18
|
May
|
Insolvencies forecast to surge 37 per cent in 2022 as inflation hits 40-year high | BUSINESS NEWS
Businesses in the UK look set to come under continuing press...
Sign up to receive our acquisition alert emails to get your FREE guide
10
|
Mar
|
£32m turnover Angus Steakhouse appeals to landlords with administration looming | ADMINISTRATION
London’s popular Angus Steakhouse chain has appealed t...
21
|
Jan
|
ProCook considering sale as it undertakes strategic review | BUSINESS NEWS
Kitchenware retailer ProCook is to undertake a strategic rev...
09
|
Dec
|
Administrators seek buyer for garden machinery firm | ADMINISTRATION
Shropshire-based garden machinery company Oakley’s has...
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