Fairfield BIO Energy Ltd (07531319): administration
- Status
- Administration ended
- Administration began
- 2017-02-08
- Administrators
- Lindsey J Cooper, Mark Guy Boughey
- Administrators' firm
- RSM
- Incorporated
- 2011-02-16
- Location
- Bristol
- Industry
- 38320 Recovery of sorted materials
Why it went into administration
- Sustained trading losses
- Cash flow / liquidity pressure
- Creditor pressure / legal action
From the administrators' statement
The Company was incorporated on 16 February 2011 and operated from a leasehoid site at Unit 3, Pennine Way, Bredbury Ind Estate, Stockport The business formed part of a wider group that developed aerobic digestion productron facilities to process food waste into bio-methane gas for injection into the National Grid The Stockport site was commissioned in 2015 and in the accounting period to 30 Apri! 2015 had incurred losses of c£14m The management accounts to 30 June 2016 highlight accrued losses of c £3 3m
The Company owned the operating plant and associated facilities at Stockport, although site operations and maintenance were carried by a separate entity called CRS Bio Limited (“CRS”) by way of an operating agreement The necessary Environment Agency Waste Management Licence/Permit is held by a further group Company, the Bio Group Limited
The Company's ongoing funding support was provided by Gravis Capital Partners LLP ("GCP"), an investor specialising tn infrastructure proyects GCP provided working capital and capital expenditure support by way of a£20m group facitty The faciities were advanced though a separate group company, Bio Energy Projects Limited ("BEPL") and the debt due from the Company to BEPL as at the date of appointment was c £7 76m GCP’s lending Is secured by fixed and floating charges over the assets of the Company (dated 18 July 2014)
Administrators' statement of proposals (2017-02-27) · Companies House register