The Solar Cloth Company Ltd (08037271): administration
- Status
- Administration ended
- Administration began
- 2016-05-16
- Administrators
- Gerald Irwin
- Administrators' firm
- MHA
- Incorporated
- 2012-04-19
- Location
- Sutton Coldfield
- Industry
- 72190 Other research and experimental development on natural sciences and engineering
From the administrators' statement
The Company was founded in 2012 to commercialise thin film photovoltaic CIGS technology. Aimed at the nascent solar carport canopy & light weight solar PV markets, with the exception of a few projects there was a slow uptake for this type of technology. In September 2014 the Company successfully entered into a crowd funding exercise involving some 392 subscribers to provide finance in order to develop the business The funding closed m January 2015
The company expanded from the two directors to a staff of eight m April 2015, however in May of 2015 there was a dispute within the Board of Directors which resulted in one of the Directors leaving the board
From May, the company gamed contracts with two major energy suppliers, delivering a few small projects for local government and a 40 bay commercial solar port but it became apparent, around July 2015 that working capital requirements of projects could not be supported without additional funding This was initially provided by one of the major crowd funding shareholders Mr Charles Shale by way of an £200,000 loan which was subsequently followed by another £200,000 loan in January 2016.
Administrators' statement of proposals (2017-01-03) · Companies House register