Member Article

25 jobs lost at Faversham renewable energy as it accumulates debts of £3 million

Faversham renewable energy firm New Form Energy has announced 25 jobs losses after it racked up £3 million debts.

According to Kent Online, workers at the consultancy were informed via email on Christmas Eve that they would be made redundant, and may not receive back pay that stretches as far back as October.

The company, founded in 2006 by chief executive Anthony Morganand, is based on the Foundry Business Park in Seager Road.

The firm had accrued debts of almost £3 million and the decision was made by directors to put the company into administration.

This was despite receiving extra funding of £410,000 from Kent Count Council’s Tiger Regional Growth Fund in October 2013.

Morgan has invested more than £250k in developing the company since its inception, he said: “It’s very unfortunate. I’ve personally lost a lot of money in the process and it’s a very unnerving and unsettling time for everybody.

“I’ve put my heart and soul into this company for the last eight years and for it to come to this is awful.”

“The staff have been with me through thick and thin and we really did believe in what we were doing. It’s absolutely devastating to find ourselves in this position.”

This was posted in Bdaily's Members' News section by Ellen Forster .