Partner Article

Cheshire green energy company in administration

Cheshire-based technology group VPhase has collapsed after failing to secure new funding.

Shares in the Capenhurst company, which developed technology to help householders save money by regulating the voltage of their electricity supply, were suspended in June after the failure of a share placing.

It announced in July that it planned to appoint an administrator and after extending the notice period twice to give it more time to win funding, the group finally admitted defeat.

Having failed to secure the necessary support it is now “unable to trade as a going concern”. Dermot Power and Patrick Alexander Lannagan, of BDO, have been appointed administrators.

VPhase said: “The decision to appoint the administrators was taken after careful consideration and having explored all options to raise additional capital.

“The board would like to thank the group’s employees, suppliers and customers for their hard work and support throughout the company’s history.

“The directors will be working with the administrators to protect the interest of creditors and to try and ensure that the business is saved in part or as a whole and the administrators ask any interested parties to contact them as a matter of urgency.”

This was posted in Bdaily's Members' News section by Simon Malia .