Sun goes down on solar installer as 34 jobs lost in insolvency
CVR Global were appointed in March after the struggling company ammassed around £1m debts
CVR Global were appointed in March after the struggling company ammassed around £1m debts
SOME 34 jobs have been lost after solar energy installation outfit Freewatt Renewable Energy went into insolvency.
CVR Global were appointed as insolvency practitioners in March after the struggling company amassed around £1m in debts – much of it to HMRC.
Despite Freewatt Renewable Energy’s demise, Freewatt Group, its parent company continues to trade.
Freewatt Group blamed a lack of support for renewable energy and shifts in government policy as major factors for the difficulties that led to the closure.
The Lincolnshire-based company was set up in 2008 by Julian Patrick and quickly grew from a turnover of £44,000 to a revenue of over £6.5m in 2012.
CVR was created after partners in the business recovery division of Chantrey Vellacott completed a management buy-out of the division following the parent firm’s merger with Moore Stephens last year.
The division did not take part part in the merger on 1 May 2015 between Chantrey Vellacott and Moore Stephens, which created a £162.7m firm.
Known as CVR Global, it operates as an independent provider of restructuring, insolvency and pensions advisory services, employs a team of some 60 people, including seven partners, based at offices in London, Birmingham, Brighton, Colchester, Northampton and Southampton.
More about:
The numbers you crunch tell a story. Your expertis...
8yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articlePredictions of 800,000 UK insolvencies requires “sense-checking” says RSM, but leading insolvency body say it depends on the length of the crisis Read...
View articleThe NAO report revealed that Carillion's insolvency will cost the taxpayer £148m while PwC will net £50m, a figure that has been questioned by MPs Rac...
View articleLeonard Curtis Business Solutions Group has opened a new office in Glasgow – the first Scottish office for the professional services provider Read Mor...
View articleIn our latest managing partner Q&A looking towards 2017, CVR Global's Richard Toone talks about recruitment, and the potential threat of competiti...
View articleAIM-listed Bond International Software has had Kingston Smith and Partners appointed as liquidators. Read More...
View articleHundreds of jobs are secure after Spectrum Contracting has been sold out of administration to Minstrell Recruitment by FRP Advisory Read More...
View articlePartners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK Read More...
View articleBegbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restora...
View article