Wed, 30 Mar 2016 | BUSINESS SALE
Two renewable energy firms based in Norwich have gone into liquidation, blaming a lack of business in the wake of cuts to government subsidies, reports Eastern Daily Press.
The two solar panel companies, Absolute Renewable Energy (UK) and Eco Juice, have reportedly closed after new orders for solar panels dried up, which the companies say was a direct result of the government cutting solar subsides from 12.47p to 4.39p per kilowatt hour back in February 2016.
At the time, the government argued that solar and onshore wind projects should be able to support themselves by now, and highlighted its reservations that the renewable budget of £7.6 billion would be drastically overspent.
It wasn’t long until both firms entered liquidation, with both companies closing for business on 17 February 2016.
Absolute Renewable Energy (UK) had accumulated debts of £800,000 at the time of closure, half of which it owed to parent company Avonside Group Services.
Dean Watson, the liquidator and a partner at Begbies Traynor Insolvency Practitioners, said: “The firm got to the new year and the order book was drying up”.
Eco Juice, on the other hand, had debts of £43,000, according to Jamie Playford, the liquidator from Leading Corporate Recovery.
See the latest businesses in liquidation, or how to profit from buying distressed businesses.
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