Silvertree Environmental Limited (10297064): administration
- Status
- Administration ended
- Administration began
- 2018-10-17
- Administrators
- Mark Guy Boughey, Diana Frangou
- Administrators' firm
- RSM
- Incorporated
- 2016-07-26
- Location
- Bristol
- Industry
- 38210 Treatment and disposal of non-hazardous waste
Why it went into administration
- Cash flow / liquidity pressure
From the administrators' statement
The Company was incorporated on 26 July 2016 and set up to trade as an Operating and Maintenance (O&M) specialist in waste water treatment (WWT’) and biomass CHP operations (‘Biomass’), using renewable sources (waste wood) as fuel to generate electrical and thermal power. The Company employed 11 members of staff and was developing plans to build a portfolio of Biomass and WWT O&M contracts to service and manage.
As at the date of the Joint Administrators appointment, the Company did not have any O&M contracts and was not generating any income. it was undertaking preliminary work to take on the O&M contracts for two greenfield WWT and Biomass sites in Daventry and Meridian (‘the Sites’) respectively. Ongoing construction of these sites was being undertaken by Larch Group Limited and it was expected that both sites would be commissioned within 3 to 6 months.
As part of the overall construction project, Larch Group advanced c.£1.4m to the Company by way of unsecured loans. These funds represented the Company's primary source of funding and were provided to support cashflow through to September 2018. However, beyond this date, no further funds had been committed and as the sites were still some way from being commissioned it was unclear if the Company remained financially viable in the long term.
Administrators' statement of proposals (2019-01-07) · Companies House register