Cocktail of woes brings down energy and waste consultancy
A waste management and energy procurement consultancy on the Nottinghamshire/Lincolnshire border has ceased trading, with the loss of 11 jobs.
Blue Castle Business Services, which is based in Long Bennington, has gone under after a cocktail of issues brought about Frazer Ulrick of Hull-based Westgates being appointed as administrator on November 25.
Ulrick said a combination of rising utilities costs, cash flow issues, historic debts and the failure of a new venture had put the firm out of business.
The government also cancelled a contract to recycle visors and PPE it had bought that were not fit for purpose, Ulrick said.
He told TheBusinessDesk.com: “Some 11 jobs have sadly been lost. The company did explore a sale of the business to various parties but there was not the interest, funds or time to save the business as a going concern.”
Ulrick added that the Blue Castle site is currently closed down due to “issues” surrounding it.
He said: “I am looking to sell the assets as a whole via private treaty sale. However, if that cannot be achieved we will have to sell the assets individually. Mark Weston at Sanderson Weatherall is my appointed agent.”
Just three weeks ago, resource management consultancy, Novati, bought the waste portfolio of Blue Castle.
In May 2020, at the height of the first Covid-19 wave, Blue Castle landed a £250,000 loan through the Coronavirus Business Interruption Loan Scheme (CBILS) from banking partner Lloyds Bank.
In its latest available accounts, made up to the end of 31 December 2020, Blue Castle had assets worth £3.9m.