Green Energy (EU) Ltd (06730686): administration
- Status
- Administration ended
- Administration began
- 2014-03-13
- Incorporated
- 2008-10-22
- Location
- Watford
- Industry
- 43220 Plumbing, heat and air-conditioning installation
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
From the administrators' statement
The Company was incorporated on 22 October 2008 under Company Registration Number 06730686 as the vehicle through which the Director would commence trading as suppliers of environmentally fnendly and efficient heating products The Company commenced trading through the sale and install of Far Infrared Heating solutions to the commercial and domestic markets, and was the first company in the UK to the marketplace Shortly after incorporation, a debenture charge was granted to Jeremy Goddard dated 7 December 2010 securing a cash injection of £20,000 into the Company
The Director has advised that trading for the first tew years was in line with expectations, and grew to reach a turnover of £282,747 for the year ended 31 December 2011 Having developed an own-brand product range alongside more established products imported from Germany, the Director felt the Company needed to obtain additional investment to re-capitalise the Company and enable it to grow and reach a sufficient size to cope with the anticipated demand once the technology reached mainstream exposure and acceptance Accordingly, the Company sought the services of Baker Tilly in November 2012 to review the financial position and assist with the preparation of the business and finance plans required to obtain investment funding Their services were retained up until the summer of 2013 and accounts were prepared by them for the year ended 31 December 2012
The Director advises that following a review of the information produced by Baker Tilly, and a comparison of actual results against forecasts, it was felt that the Company would not be able to secure the recommended level of funding through traditional mainstream banking routes to allow tt to support the significantly increased structure being suggested by Baker Tilly The decision was taken to consolidate and cut costs, adopting a more prudent approach considering potential market growth and the Company's market share It was hoped that this would assist in preventing the Company from overtrading and reduce risk, whilst securing a more stable long term growth strategy
Administrators' statement of proposals (2014-05-07) · Companies House register