Begbies Traynor Group

Jobs secured after new renewable energy company is formed

Date Published: 01/09/2017

The future of 44 jobs have been saved after funding was secured to set up a new renewable energy company.

Greener For Life Energy Ltd, based at Cleave Farm, Templeton, Tiverton, which had been trading for three and a half years, went into liquidation on August 29.

However, a number of the directors of the company have worked with business recovery specialists Begbies Traynor to secure the future of the 44 employees.

These directors have secured funding for a new company ‐ Ixora Energy Ltd ‐ to buy the assets and contracts of Greener For Life Energy Ltd ‐ and protect the employment of its employees who are based across the South West.

Ixora Energy Ltd intends to contract with the owners of renewable energy generating plants in order to provide them with operational and maintenance services. Initially it will focus on businesses that were previously customers of Greener for Life Energy Ltd but it intends to use the experienced team in order to provide services to other owners.

Darren Stockley, Managing Director of Ixora Energy Ltd, said the company was "on the brink of a positive new future."

He added: "This represents a positive new opportunity in a sector that has huge potential, and we will be working with the local community to establish our name as a leading local employer with strong links to the community it serves. The quality and knowledge of our team means we will be able to help people increase their sustainability whilst also providing enhanced financial security for farmers."

Ian Walker, Senior Partner at Begbies Traynor's Exeter office, said: “We were pleased to be able to advise the directors of both Greener for Life Energy Ltd and Ixora Energy Ltd with a strategy that has enabled a significant number of jobs to be saved together with ten anaerobic digestion plants which are now able to continue functioning. Following the liquidation of GFLE on August 29, 2017 it is anticipated that the deemed approval by creditors process will be concluded on September 12, 2017.”

About The Author

Meet the Team

Julie is a law graduate who qualified with Price Waterhouse in 1994. Julie joined Smith & Williamson in 1997 and became a partner in 2001. With Mike Stevenson, Julie set up Middleton Partners offices in Salisbury and Southampton, both of which are now part of Begbies Traynor. Julie is a member of the Insolvency Practitioners Association and is a Fellow of The Association of Business Recovery Professionals. Julie deals with all aspects of Corporate Recovery and turnaround work and takes all form of personal insolvency appointments.

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