Jobs have been lost after a Lincolnshire turbines business entered administration.
James Clark and Howard Smith from Interpath Advisory have been appointed Joint Administrators of Turbine Efficiency Limited (TEL) and Turbine Efficiency Group (TEG).
Operating from a leasehold facility in Witham St Hughes in Lincolnshire and incorporated in January 2000, TEL operated as a specialist provider of maintenance, repair and overhaul services for industrial gas turbines in the utilities, oil and gas, power generation, and industrial process support sectors.
TEG was incorporated in December 2011 and operated as an intermediate holding company, and was the 100% shareholder of TEL.
TEL suffered significant capital constraints in its 2021 Financial Year as a result of customers reducing capital expenditure projects following the impact of COVID-19.
The directors undertook an early options process to try to secure new investment for the business, but with no deliverable offers for the business and assets forthcoming, the directors took the difficult decision to place the companies into administration.
On appointment, the companies had 39 employees, of which 17 have been retained to finish outstanding items of work in progress, assist with asset realisations and the wind down of the business. The remaining 22 employees were made redundant upon appointment.
James Clark, Managing Director at Interpath and joint administrator, said: “As we commence an orderly wind-down of the business, our immediate priority is to provide those employees impacted by redundancy with the support and assistance they need to make their claims to the Redundancy Payments Office.”