Thu, 19 Jun 2025 | BUSINESS SALE
An advanced biomass facility near Hull has been acquired after the company that owned it fell into administration. GB-Bio Limited, which owned and operated the Tansterne Biomass Plant, was placed into administration earlier this month.
Tansterne Biomass Plant is a modular wood fired power plant that can also function as a combined heat and power facility. The plant was procured by GB-Bio under a multi-contract delivery strategy and had future potential to supply district heating networks.
However, the facility has experienced numerous challenges over recent years, including the COVID-19 pandemic, delays in receiving Renewable Obligation Certificate accreditation, the collapse of the company that designed it and other operational issues.
The plant was subsequently given nine months to recommission under a High Court sanctioned scheme of arrangement in the Republic of Ireland. The decision was ultimately made to sell the plant to generate the funds required to repay investors.
However, attempts to secure a solvent sale of the facility were unsuccessful and, with little possibility of raising additional capital through either an equity investment or a share sale, GB-Bio Limited was placed into a formal insolvency process.
Jamie Miller and David Shambrook of RSM UK Restructuring Advisory were appointed as joint administrators of the company on June 5. Immediately upon their appointment, the joint administrators secured a sale of GB-Bio's land, including National Grid connection, along with plant and machinery.
RSM UK restructuring advisory partner and joint administrator Jamie Miller said: “After a robust and thorough marketing process, we are pleased that this sale provides a materially better return to creditors than would be expected in a shutdown scenario. In addition, the transaction has avoided employee redundancy, mitigating employee creditor claims.”
In accounts for the year to December 31 2023, GB-Bio Limited’s fixed assets were valued at around £65.5 million and current assets at close to £350,000. However, its net liabilities at the time amounted to £55.8 million.
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