75 jobs under threat as renewables energy firm calls in administrators

ADMINSTRATORS have been called in to a Liverpool-based specialist in converting organic waste into renewable energy where 75 people are employed with cash flow problems cited as the major cause.

Jason Baker and Miles Needham of FRP Advisory are acting as joint administrators in the H2 Energy Group and H2 Energy Ltd.

They will continue to operate the company as normal while marketing the business and assets for sale.

The business is an innovator in the field of design and construction of bio-refinery plants using as feedstock by-products from the food industry.

The group has received funding from lenders including Liverpool City Council via Liverpool Vision, an investor in local innovative technology companies and facilitator of regional jobs development, and Privilege Project Finance Ltd.

With the support of its investors and lenders the group has created successful commercial partnerships for its technologies and supported local job creation in Liverpool.
 
FRP said despite the operational achievements of the business, the group has recently faced unsustainable pressure on its cash-flow, prompting the group’s board of directors to work with lenders on a financial restructuring and resulting in the appointment of administrators.

“The group’s board is fully supportive of the efforts of the joint administrators to find a more sustainable solution for the business and allow for the continuation of job opportunities created by H2 Energy’s investment in its range of innovative bio-refinery energy manufacturing,” FRP said.
 
“The joint administrators at FRP Advisory will continue to operate the business while consulting with staff and continuing with an on-going review of the group’s financial position, as part of their efforts to find a more sustainable solution for the business.”