Clean energy firm Ecotricityhas snapped up a small scale wind turbine manufacturer from out of administration saving 29 jobs in Leicestershire.
EvanceWind Turbines was put into administration last month but continued to trade as normal during the two week sale process.
Phil Armstrong and Simon Glyn, joint administrators from FRP Advisory, said recent government changes to the feed-in tariff system had resulted in a reduction to the price commanded for sale of excess electricity to the national grid, causing a drop in sales and deterioration in Evance’s cash flow, putting unsustainable pressure on the business.
Mr Armstrong said: “After a number of years of investment the company was able to make a profit in 2012/13, primarily based on the quality of its product, but the changes in the market placed the business under substantial pressure leading to a great deal of uncertainty. The sale to new owners was good for creditors and has given the business a fresh start; we wish the new owners every success.”
The process was competitive with considerable interest from a number of parties, FRP added.
