National Insolvency experts SFP, has been appointed administrators to New Form Energy Limited (New Form) after it experienced a downturn in trade and cash flow difficulties.
Formed in 2006 and commenced trading in 2009, New Form designed and supplied renewable energy solutions to maximise energy efficiency and reduce carbon footprint. The company, based in Kent, employed 33 people and a small amount of sub-contractors, and generated a turnover of £400,000 last year in comparison to turnover of £1,200,000 in 2012. Further, the company accrued significant debts.
Following severe creditor pressure towards the end of 2014, the company’s Board of Directors considered options to raise additional finance, although ultimately determined that the business was no longer viable, and as such subsequently took the decision to place the company into Administration. SFP’s Daniel Plant and Simon Plant were appointed as Administrators on 7 January 2015.
“New Form ceased trading prior to the decision to enter Administration but the business has been marketed nevertheless. Unfortunately, as no interest has been received in the business the Administrators have instead conducted a sale of the company’s assets,” says Joint Administrator, Daniel Plant.