Waste-to-energy firm TEG in administration
LANCASHIRE company TEG has fallen into administration after failing to secure new finance.
The AIM-listed company said Deloitte Manchester partners Bill Dawson and Dan Smith had been appointed and had begun to sell its assets.
A statement said: “The administrators have immediately following their appointment successfully concluded the disposal of Simpro Limited to Veolia ES (UK) Limited.”
Subsidiaries TEG Environmental and TEG Energy are continuing to operate under the control of the administrators who are exploring the potential for going concern sales, it added.
Last month the company warned investors that it was in severe financial difficulty.
The fim which specialises in building and managing anaerobic digestion energy plants, is short of cash because it has £2.8m tied up in a contract it carried out for Costain as part of the Greater Manchester Waste Contract. The money has been held back until remedial work is completed.
