Up to 30 employees rendered redundant as renewable energy company collapses

Over 30 employees have been made redundant after a renewable energy company went into administration following cash flow difficulties and a "downturn in trade", a recent news report in the local media has been able to reveal.

New Form Energy Ltd was formed in 2006 and commenced trading in 2009. It designed and supplied renewable energy systems to maximise energy efficiency and reduce carbon footprint, employing 33 staff and a small amount of sub-contractors.

The company generated a turnover of £400,000 last year in comparison to turnover of £1.2m in 2012. Further, the company accrued significant debts.

Following severe creditor pressure towards the end of 2014, the company’s board of directors considered options to raise additional finance, although ultimately determined that the business was no longer viable, and as such subsequently took the decision to place the company into administration.

Joint administrator Daniel Plant said: "New Form ceased trading prior to the decision to enter administration but the business has been marketed nevertheless.

"Unfortunately, as no interest has been received in the business the administrators have instead conducted a sale of the company’s assets."

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