Mon, 01 Jun 2015 | ADMINISTRATION
Dundee-based Sustainable Energy Scotland (SES) has entered administration after struggling with market turbulence and bad debt.
The directors of SES called in administrators from Begbies Traynor last week voluntarily.
Callum Milne, managing director, said in a statement to The Courier: “It is with regret that Sustainable Energy Scotland has been placed into voluntary administration.
“The energy efficiency funding market is extremely volatile, often changing on a daily basis.”
He added that much of the company's work was funded by the government's Energy Company Obligation scheme. However, as carbon prices have crashed to an all-time low, it became increasingly difficult to trade carbon profitably.
Mr Milne added: “Sustainable Energy Scotland is one of a number of companies that have been forced into this position due to the rollercoaster nature of the carbon-trading market.
“The situation was hampered further by a significant bad debt, which placed us in an untenable position.”
SES was founded by Mr Milne and his brother-in-law David Small back in 2012. It had a turnover in the region of £1 million and a staff of 40, the majority of whom have been made redundant, although efforts are being made to find alternative employment for as many as possible.
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