Future (Drigg) Ltd (10202837): administration
- Status
- Administration ended
- Administration began
- 2021-09-17
- Administrators' firm
- Interpath Advisory
- Formerly
- FSW Wind Limited
- Incorporated
- 2016-05-27
- Location
- Northampton
- Industry
- 35110 Production of electricity
Why it went into administration
- Cash flow / liquidity pressure
- Property / lease costs
- Parent or group failure
- Regulatory change or action
From the administrators' statement
The Company was incorporated in May 2016 with the aim of delivering a substantial source of income whilst simultaneously encouraging an ethical and sustainable approach to electricity generation. It is one of nine wholly owned subsidiaries of Future Renewables Eco PLC (“FRE plc”), eight of which have been placed into administration (together “the Group”).
Each subsidiary, including the Company, was constituted to operate wind turbines at a single site. One subsidiary has two sites, and hence the eight subsidiaries in administration have nine sites in total (three in Scotland; two in England; and four in Northern Ireland). Each site has a single turbine including the Company’s leasehold site (“the Site”) in North West England, other than one which has two turbines, making ten turbines in total.
The Group did not have any employees but instead outsourced its maintenance, operational, administrative and accounting functions. The Group structure is as follows with all of the subsidiaries shown being 100% owned by FRE plc, and all subject to administration proceedings. A ninth subsidiary continues to operate under the control of its directors.
Administrators' statement of proposals (2021-10-28) · Companies House register