Thursday, August 6, 2020

Westminster ‘policy bonfire’ blamed for collapse of Lincolnshire’s £89m renewables firm

Lark Energy, now known as Renewables Solar (UK) Limited has appointed PFK Cooper Parry as its voluntary liquidator.

Other units formerly attached to Lark Energy names – Renewables Solar (UK) Commercial and Renewables Solar (UK) Construction – have also filed for liquidation citing the government’s solar policies as the key reason for the industry’s decline.

Lark has like many renewables companies in the UK suffered financially, following what the Renewable Energy Association refers to as ‘a Westminster policy bonfire’.

Figures from the Renewable Energy Association reveal the number of people employed within the UK’s solar supply chain fell by nearly 20% to 13,687 in 2015/16, having steadily grown to a high of 16,880 in the four previous years.

Tyrone Courtman and Lee Brocklehurst from business advisory firm PKF Cooper Parry have been appointed joint liquidators.

Tyrone Courtman, partner and head of PKF Cooper Parry’s business restructuring, recovery and insolvency services team, said: “Unfortunately, despite efforts to save the business, due to a severe lack of cash there was no other option but to place the company in creditors voluntary liquidation.

“Renewables Solar (UK) was a market leader in the renewable energy sector. However, unfortunately, like many other companies in the sector, it was a victim of the changes the government made to feed-in tariffs in 2015, which had a major impact on the industry.

“The company also suffered significant losses on a number of major projects as a result of the engaged sub-contractors failing to complete the necessary works by the agreed deadlines. These losses, when combined with the loss of business as a result of the changes within the industry, resulted in the eventual collapse of the company.

“Regrettably, we were unable to save any of the jobs and it is unlikely that we will be able to realise sufficient assets to repay all the monies owed to the company’s creditors, but we remain hopeful that there will be a partial return to creditors.”

At the time of the company’s collapse, creditors were owed £48.6m.

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