D1 gives buyer more time

ALTERNATIVE energy business D1 Oils has given the buyer of its Wirral plant more time to find the cash needed to complete the sale.

In February the London-based company, which specialises in biodiesel production, said it had exchanged contracts for the sale of its Bromborough refining plant for £2.6m.

But despite breaking up the sum into three staggered payments the buyer has told D1 that there is a “material risk” it will still not be able to pull the funds together.

“Accordingly the board has decided to continue discussions for a further short period with the buyer, whilst taking legal steps to enforce its contractual rights,” said D1 in a stock market statement. 

“Unless satisfactory completion occurs within this short period, the board intends to remarket Bromborough against a backdrop of improving fundamentals for the UK biodiesel industry.”