Turbine Efficiency Group Limited (07888125): administration
- Status
- Administration ended
- Administration began
- 2021-11-16
- Administrators
- James Richard Clark, Howard Smith
- Administrators' firm
- Interpath Advisory
- Incorporated
- 2011-12-20
- Location
- Leeds
- Industry
- 70100 Activities of head offices
Why it went into administration
- Funding withdrawn / unable to refinance
- Competition / price pressure
From the administrators' statement
TEG was incorporated in December 2011 and operated as a holding company and is the 100% shareholder of TEL. TEG had three employees at the date of our appointment, being the three directors of the Turbine Efficiency Group (comprising TEG, TEL, TEH and GTA). On acquisition of TEG by ESO, the intention for TEG was to be the holding company over numerous Strategic acquisitions, the only one of which that was executed was GTA.
TEG provided parent company guarantees relating to numerous contractual obligations of TEL and fell within the security net of the secured lender Breal.
3.2 Funding and financial position of the Company
Administrators' statement of proposals (2021-12-21) · Companies House register