Geothermal International Limited (05397984): administration
- Status
- Administration ended
- Administration began
- 2021-09-30
- Administrators
- Paul Stanley, Gary Norton Lee
- Administrators' firm
- Begbies Traynor
- Formerly
- Tigbus Limited
- Incorporated
- 2005-03-18
- Location
- Manchester
- Industry
- 43220 Plumbing, heat and air-conditioning installation
From the administrators' statement
The Company has historically been involved in the design and installation of ground source heat pumps. It acted as a sub-contractor to a main contractor on each particular contract. The Company was incorporated in 2005, and in July 2015 a controlling interest in the Company was acquired by the Electricity Supply Board group of companies, through its investment company ESB Novus Modus LP (“Novus Modus”) , which is also a secured creditor of the Company.
We understand from discussions with the Company’s directors that with effect from 1 January 2019 all of the business and assets, including ongoing contracts, of the Company were transferred to ESB Innovation UK Limited for a consideration of £850,000 which, after costs and disbursements, was paid in cash on completion. Prior to this, the Company had engaged external advisors to explore the possibility of a share or asset sale. However, after numerous discussions with trade buyers, no firm offers materialised. Accordingly, a sale of the business and assets to ESB Innovation UK was explored, which resulted in the eventual sale being concluded.
The Company was sub-contractor on several construction projects with extended warranty periods and from time to time received notification from the principal contractor of potential claims for damages received from the end customer. The directors have advised that there is insurance in place against such claims which we are currently exploring.
Administrators' statement of proposals (2021-11-22) · Companies House register