UK EfW specialist Energos goes in administration due to ‘cash flow issues’
UK-based energy-from-waste (EfW) technology supplier, Energos, has entered administration, due to “cash flow issues caused by contractual disputes with their two main contractors”.
Matthew Wild and Lindsey Cooper of RSM Restructuring Advisory have been appointed joint administrators of Energos.
The company had four ongoing contracts for the construction of waste plants in Derby, Glasgow Milton Keynes and the Isle of Wight. None of these are completed constructions or have reached the commissioning stage.
Lindsey Cooper, RSM Restructuring Advisory partner and one of the Joint Administrators, said: “It’s early days, but we are working with our professional advisors to review the status of the current contracts with a view to maximising the returns to creditors.”
Energos specialised in the supply of EfW plants – offering clean energy recovery from waste utilising gasification technology. The waste plants converted non-recyclable, non-hazardous waste into renewable energy. The company operated from a head office in Warrington and employed 42 employees.
Cooper said: “It’s early days, but we are working with our professional advisors to review the status of the current contracts with a view to maximising the returns to creditors.”