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.”
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