Vphase slides into administation

VPHASE, the Cheshire company which developed a device to help householders save electricity, has ended months of speculation over its future by sliding into administration.

The company, which was listed on the AIM market, said it had failed to find new funding despite weeks of trying, and had appointed Manchester-based BDO partners Dermot Power and Patrick Lannagan as administrators.

In a statement Vphase said in the absence of new finance it is “unable to continue to trade as a going concern”.

It added: “The decision to appoint the administrators was taken after careful consideration and having explored all options to raise additional capital. The board would like to thank the group’s employees, suppliers and customers for their hard work and support throughout the company’s history.

“The directors will be working with the administrators to protect the interest of creditors and to try and ensure that the business is saved in part or as a whole and the administrators ask any interested parties to contact them as a matter of urgency.”