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.”
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.