Solar firms in liquidation blame government cuts

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.


Share this article



Latest Businesses for Sale

E-Cigarette Retailer
Lichfield, Staffordshire, UK Wide

This is a perfect opportunity to take on a well-established vape business with three busy premises that are all brimming with stock. Appealing to a current owner-operator of an e-cigarette related business or an entrepreneur passionate about the indu...

Asking Price: Offers Invited
Turnover: £300,000

LEASEHOLD


Vape Retailer & Lounge
Nuneaton, Warwickshire, UK Wide

Brilliant twofold business, which boasts a well-fitted premises, central location and solid customer base. Professional service and high quality products have helped to grow this business into the successful venture it is today. Current owner willing...

Asking Price: £140,000
Turnover: £300,000

LEASEHOLD


Multi Brand Electronic Cigarette Retailer
Ashton-under-Lyne, Manchester, UK Wide

Profitable E-Cigarette retailer in a fast growing industry. Enjoys reputation for multi-branded E-cigarette retailer. Business is immaculately fitted to an exceptional standard. Currently operated under management with minimal owner involvement. Offe...

Asking Price: £125,000
Turnover: £416,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
15
 
Nov
 

Berketex Bride enters administration | ADMINISTRATION

With over 50 years in selling wedding dresses, Berketex Brid...

 
13
 
Nov
 

Intermet Refractories completes MBO deal | MBO/MBI

Intermet Refractories, a metal casting component manufacture...

 
10
 
Nov
 

BT to sell off its fleet division | DIVISION SALE

BT Group is preparing to sell its fleet management arm encom...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources