Rights to offshore wind innovation for sale after administrators appointed

The rights to product in the offshore wind market, Gravity Tripod™, are up for sale after Michael Roome and Dean Nelson, business recovery and restructuring partners at PKF Smith Cooper, were appointed as administrators of Leicestershire-based OWLC Holdings.

The company owns the rights to Gravity Tripod™, a unique and internationally patented design for an offshore subsea foundation structure. Following the appointment of administrators of OWLC Holdings Limited, an accelerated sale of business has started with the aim of finding a purchaser for Gravity Tripod™, which management believe can deliver an average of 11-12% reduction in the cost of electricity generated by offshore wind.

Roome said: “Our aim is to maximise returns for creditors by seeking a sale of this unique design in the offshore wind market. If you are interested in purchasing the company, please contact me as a matter of urgency. We will keep stakeholders and the press informed of any developments as matters progress.”