TEG Energy Limited (05006553): administration
- Status
- Administration ended
- Administration began
- 2014-12-19
- Administrators
- Daniel James Mark Smith, William Kenneth Dawson
- Administrators' firm
- Deloitte
- Formerly
- Banham Compost Limited
- Incorporated
- 2004-01-06
- Location
- Manchester
- Industry
- 38210 Treatment and disposal of non-hazardous waste
Why it went into administration
- Loss-making contracts / project overruns
- Funding withdrawn / unable to refinance
- Sustained trading losses
From the administrators' statement
The Group has been loss making for a number of years and reported a loss before tax in its audited financial statements in each of the last four years (2013 £2,678k, 2012 £1,279k, 2011 £8,004k, 2010 £628k)
The Group faced considerable financial uncertainty arising from a contract with Costain to build 4 IVC facilities as part of the Greater Manchester Waste Contract In particular
* c£2 8m of retentions held by Costain under the contract for over two years, and
Administrators' statement of proposals (2015-02-06) · Companies House register