76 jobs saved as East Mids power plant provider sold out of administration

Some 76 jobs have been saved after a Lincoln and Leicester power plant provider was sold out of administration.

Greenray Energy Solutions, which is headquarted in the Lincoln suburb of North Hykeham, and also has offices in Leicester and Aberdeen, has been sold to Greenray Turbine Solutions, which has common directors.

Dan Hurd and Colin Dempster from EY’s restructuring team have been appointed as administrators to Greenray Energy.

Hurd told TheBusinessDesk.com: “The Group had faced challenging trading conditions in recent months and management made considerable efforts to approach new funders and potential acquirers to recapitalise the business. However, this has proven challenging with the Group’s capital structure and trading environment.

“Due to the Group’s lack of liquidity and increasing pressure from creditors, the directors sought the appointment of administrators. However, we are pleased to announce a sale of the Group’s business and assets and confirm that all of the Group’s employees have transferred to Greenray Turbine Solutions under new ownership.”