Mon, 22 Dec 2014 | ADMINISTRATION
Green waste specialist TEG Group has entered administration with a sale now being sought for different areas of the business.
The Lancashire-based company fell into trouble following a retentions row with international engineering group Costain, which withheld £2.8 million under the Greater Manchester Waste PFI Contract.
Problems were first announced two months ago and on 28 October the company suspended trading on its shares. As TEG had been unable to secure any further funding from lenders it opted to appoint administrators at Deloitte.
The company is now exploring the possibilities of selling its operational division as a going concern. Meanwhile, as soon as they were appointed, joint administrators Daniel Smith and William Dawson of Deloitte concluded the disposal of TEG subsidiary Simpro Limited to Veolia ES (UK).
Acquired by TEG in 2010, Simpro is a composting business located in the Midlands.
Buyers are now being sought for TEG Environmental and TEG Energy, both of which will continue to operate while under the control of administrators.
Nplus1 Singer Advisory has announced that it has resigned as nominated adviser and broker to the company following the appointment of administrators. It is not expected that a replacement will be appointed.
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