Energy Environmental Limited (SC249813): administration
- Status
- Administration ended
- Administration began
- 2015-07-30
- Administrators
- Martha Hanora Thompson, James Bernard Stephen
- Administrators' firm
- BDO
- Formerly
- Vikoma (Scotland) Limited
- Incorporated
- 2003-05-21
- Location
- Glasgow
- Industry
- 72190 Other research and experimental development on natural sciences and engineering
Why it went into administration
- Sustained trading losses
From the administrators' statement
The Company was incorporated on 21 March 2003 to act as a parent company for the three companies under the control of its two directors, Peter Scholes and Robert Rooney (‘the Directors’). One of these subsidiaries was Rotawave Limited (‘Rotawave’). Rotawave was set-up to develop new technology in relation to renewable energy. It had minimal trading activity and was funded by intercompany loans from the other two subsidiaries. Please note that James Bernard Stephen and | were appointed Joint Administrators of Rotawave on 8 September 2015.
The Company also sought loan and overdraft finance from its bankers, Santander UK Plc (‘the Bank’). This was utilised across the Group and peaked in early 2015 with an overdraft of £3.1m and a term loan of approximately £600k.
In 2012, the Company sold one of its subsidiaries to a third party leaving the only one trading subsidiary under the Company’s control. However, following a difficult period of trading, the entire share capital of the remaining trading subsidiary was sold to a third party in July 2015.
Administrators' statement of proposals (2015-09-23) · Companies House register