BDO ADMINISTRATORS have been called to energy efficiency product manufacturers VPhase.
Dermot Power and Patrick Lannagan, both from BDO, were appointed joint administrators of the business and its subsidiary VPhase Smart Energy.
Based in Chester, VPhase produces technology to reduce commercial and residential electricity bills with the installation of a voltage moderator.
Power, BDO business restructuring partner, said: "Changes in government environmental initiatives and difficult trading conditions have significantly affected the business.
"Our immediate priority will be to open a dialogue with shareholders, creditors, employees and parties interested in purchasing the business. We are hopeful of securing a sale and the Companies will continue to trade whilst this is explored.
At the end of 2012 VPhase won a contract with British Gas to provide its voltage optimisation product to British Gas customers.
However, on 5 June the company tried to raise equity capital through a "non pre-emptive placing of ordinary shares". Shares were suspended on 20 June after the business was unable to secure enough funding. The company announced the next day that, without a purchaser or financing, it would have to call in administrators.
A statement from VPhase said: "The board would like to thank the group's employees, suppliers and customers for their hard work and support throughout the company's history."
You may also like
If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.
In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.