Temporary reprieve for VPhase
AIM-listed Vphase, which has developed a voltage optimisation device that helps householders cut their electricity bills, has avoided administration by securing a 10-day extension to a debt deadline.
On July 12 it said it had filed a notice of an intention to appoint an administration and had 10 days to raise extra finance.
Today the firm, based near the Cheshire Oaks Designer Outlet near Ellesmere Port, said this deadline had been extended and a further announcement will be made “in due course”.
Shares in the business, which says it has been impacted by delays and uncertainty over the Government’s Green Deal policy, were suspended on June 20, after shareholders refused to back a rights issue.
While its annual results for 2012 showed marked progress – revenues rose 213% to £1.4m – Vphase said sales this year had been slower than expected. Progress in 2012 also saw distribution deals to sell the product in Australia, Cyprus, France, Belgium and Luxembourg.
