Posted on 24 March 2015
Leading supplier of biomass energy technology Eco Link Power Limited has entered Administration resulting in the loss of 45 jobs.
With over 60 years in the market, Eco Link Power operated nationwide from its headquarters in Grantham supplying and installing biomass energy technology to the public sector, commercial and retail clients.
The company appointed Head of Business Recovery and Insolvency Dean Nelson and partner Nick Lee of Midlands based accountancy and business advisory firm Smith Cooper as Administrators on 24 March 2015.
Richard Tonks, Director at Smith Cooper, confirmed that whilst the company grew significantly in recent years and had secured a number of large projects, the Administration was a result of the difficulty in sourcing additional finance to fund these projects.
Richard commented: “The large scale projects Eco Link Power had in the pipeline are testament to the opportunities in this sector. Despite the company’s recent and potential for growth, the company was unable to secure the necessary funding or investment and s0 Administration was the only option.”
The Administrators spent a brief period seeking a buyer for the company prior to their appointment and were ultimately disappointed that a sale of the business and assets could not be achieved in the time frame available preserving jobs. The Administrators are currently providing assistance and support to employees with their claims to the government’s redundancy fund.
Richard added: “Notwithstanding that the Company has had to cease trading, we invite interest in the business and or its assets as the company had an enviable customer base.”