mlm Solutions appointed provisional liquidator at Ayrshire energy firm

Keith Anderson of mlm Solutions has been appointed as provisional liquidator to Ayrshire-based renewable technology specialist VG Energy Limited.

The firm, which provides turnkey solutions for wind, solar or biomass projects, ceased trading on 27 October 2017.

The company employed 39 staff all of whom have been made redundant with the exception of 5 employees whom have been retained to assist the liquidators.

Mr Anderson, director at mlm Solutions, said: “Over the last six months a number of external factors have led to a significant drop in orders from commercial customers. After a sustained period of trading losses the company has encountered severe cash flow difficulties.

“The company has been impacted by uncertainties with the Renewable Heat Incentive scheme which has made the scheme less attractive for some commercial customers causing orders to be cancelled or delayed. Furthermore the fall in the pound, as a result of Brexit, has increased costs which the company has not been able to pass on to customers.

“We are working with the employees and liaising with other agencies to protect the interests of the employees at this very difficult time.

“Our focus will then be on disposing the company’s assets in order to maximise the recoveries for the creditors. All suppliers will be contacted in due course.”

Meanwhile, the administrators of Scottish wave energy pioneer Aquamarine Power have been given more time to tie up its affairs.

Joint administrators James Stephen and Francis Newton of BDO LLP have been granted an extension to April 27 next year to complete the winding up process.

The company, which had built and tested Oyster wave converters before collapsing in late 2015, blamed the tough economic climate of the time for its demise.