Eco lighting company sold out of administration
Truro-based eco lighting company Somar International Ltd, which was placed into Administration with national business recovery and restructuring firm Begbies Traynor in February, has been sold to national energy efficiency company the Mark Group.
Administrators Ian Walker and Chris Norman of Begbies Traynor’s Exeter office traded Somar for three weeks while they looked for a buyer.
The Mark Group’s purchase of Somar preserves 8 jobs, and also signals an expansion of the Group’s activities from the residential to the commercial market.
Partner Ian Walker at Begbies Traynor comments, “We’re very pleased to have been able to bring this Administration to such a positive conclusion. ‘Green’ companies such as Somar and the Mark Group have a major role to play in the economy of the UK, and the Truro business can only benefit from the relationship with a national brand.”
Ian joined Begbies in 2000 from Pannell Kerr Forster after practicing insolvency for the previous 20 years with Big Four firms. A member of R3 and a Fellow of the Institute of Chartered Accountants in England & Wales (from which he also takes his Insolvency Licence, he is currently a member of the ICAEW Investigation Committee. Over the years, Ian has dealt with all types of insolvency and at least three recessions. Currently, his practice based in Exeter and Plymouth covers the whole of Devon & Cornwall (including the Scilly Isles), together with as much of Somerset and Dorset as he can get away with! He deals with all types of personal and corporate insolvency and also concentrates on pre- and post-lending review work for all the major lending institutions.