PracticeAccounting FirmsSun goes down on solar installer as 34 jobs lost in insolvency

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

Sun goes down on solar installer as 34 jobs lost in insolvency

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.

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