Ecotec Services Ltd (06892326): administration
- Status
- Administration ended
- Administration began
- 2022-10-27
- Administrators
- Gareth Prince, Mark Malone
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2009-04-29
- Location
- Birmingham
- Industry
- 81100 Combined facilities support activities
Why it went into administration
- Rising costs / inflation
- Property / lease costs
- Rising interest rates
- COVID-19
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
From the administrators' statement
Ecotec Services Ltd (“the Company” and/or “Ecotec” )was established on 29 April 2009 by Michael Wall and Philip Mole. The business was set up to build and operate renewable assets in the UK. Edaljon AG (a Swiss firm) joined as shareholders in 2011 and held 25% of shares in the business.
The Company originally installed Biomass boilers and heat pumps largely to the agricultural sector who took advantage of the Renewable Heat Incentive (RHI) initiative subsidies to aid the boiler purchases. The Company also did solar PV installs. Over the following years the Company grew, employing at its peak 40 people, and successfully installing and servicing over 100 biomass systems.
Ecotec had identified that the biomass boiler market was becoming saturated and started to look for new markets mainly in the waste sector, where waste companies could use the heat to dry fuel and reduce costs to landfill. This was successful and 20+ biomass boilers, some with electrical generation, were installed across waste sites. However, in 2018 the government announced that the RHI tariff was ending on drying, and in 2020 would come to an end all together which effectively removed Ecotec’s core market.
Administrators' statement of proposals (2022-12-15) · Companies House register