Meston Reid & Co appointed liquidator at stricken wind turbine firm

Michael Reid

Michael Reid of Aberdeen-based Meston Reid & Co has been appointed provisional liquidator of Glasgow wind turbines manufacturer Gaia-Wind Ltd after the firm ceased trading.

All 12 jobs at the firm are now at risk after Gaia-Wind said competitive pressures in Denmark had reduced sales last year, resulting in a difficult trading environment which had been compounded by the UK government’s recent reduction in tariff support.

Although a business plan at the end of 2017 provided a practical basis for survival, recent drastic cuts in Italian and the Japanese government support for small scale wind turbines lead to dramatic reduction in the immediate order pipeline in those markets.

A statement issued by the firm read: “Faced with these challenging circumstances in each of its main market areas, the board reached the unfortunate decision that the company had no option but to cease trading.”

Liquidator Michael Reid, who was appointed by the Court of Session yesterday, said he is now seeking interested parties to take over the business in whole or in part, or parties interested in acquiring the assets.

Mr Reid said initial interest has been expressed from a number of sources and anyone wishing information should contact him.

Director Johnnie Andringa, a serving director of Gaia-Wind, said: “Appointing a liquidator is the last resort because the board has worked hard over a long period of time to develop a sustainable business in wind energy. With almost 2,000 wind turbines installed mainly in UK and Europe as well as Australia, Tonga and Alaska, an opportunity presents itself for someone to purchase the service, maintenance and spare parts aspect of the business. With the turbine design offering the best price, performance and reliability available in the market, and demand still evident for the product in the UK and globally. It would be great if a trade sale could be achieved which preserves the jobs of the highly skilled and committedloyal workforce.”

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