Bourne

Lincolnshire renewable energy firm which owed over £48m in liquidation

Renewables Solar (UK) Limited, formerly Lark Energy Limited, has been placed into administration after owning a total of £48.6 million.

The company, based in Bourne, and its subsidiaries employed 28 people and had a turnover of £89 million.

All 28 staff have now been made redundant as part of the creditors voluntary liquidation process.

Tyrone Courtman and Lee Brocklehurst from business advisory firm PKF Cooper Parry have been appointed joint liquidators to Renewables Solar (UK) Limited and associated companies Renewables Solar (UK) Construction Limited, Renewables Solar (UK) Commercial Limited, and Barnby Moor Limited.

The company provided commercial and utility scale renewable energy schemes, including solar photovoltaic panels, biomass, gas powered generation and waste-to-energy plants.

Tyrone Courtman, partner and head of PKF Cooper Parry’s business restructuring, recovery and insolvency services team, said: “Unfortunately, despite efforts to save the business, due to a severe lack of cash there was no other option but to place the company in creditors voluntary liquidation.

“Renewables Solar (UK) Ltd was a market leader in the renewable energy sector. However, unfortunately, like many other companies in the sector, it was a victim of the changes the government made to feed-in tariffs in 2015, which had a major impact on the industry.

“The company also suffered significant losses on a number of major projects as a result of the engaged sub-contractors failing to complete the necessary works by the agreed deadlines. These losses, when combined with the loss of business as a result of the changes within the industry, resulted in the eventual collapse of the company.

“Regrettably, we were unable to save any of the jobs and it is unlikely that we will be able to realise sufficient assets to repay all the monies owed to the company’s creditors, but we remain hopeful that there will be a partial return to creditors.”