A Loughborough–based manufacturer of small wind turbines has been sold out of administration, securing 29 jobs.
EvanceWind Turbines Limited entered administration following “changes within the marketplace”.
Phil Armstrong and Simon Glyn of FRP Advisory were appointed as joint administrators to the company on 24 April.
A sale of the business was affected within two weeks to Ecotricity, a British clean energy firm, preserving the jobs of all 29 EvanceWind Turbines staff.
Recent government changes to the feed-in tariff system resulted in a reduction to the price commanded for sale of excess electricity to the national grid, causing a drop in sales and deterioration in Evance’s cash flow, and putting unsustainable pressure on the business.
Armstrong, partner at FRP Advisory, said: “After a number of years of investment the company was able to make a profit in 2012/13, primarily based on the quality of its product, but the changes in the market placed the business under substantial pressure leading to a great deal of uncertainty.
“The sale to new owners was good for creditors and has given the business a fresh start; we wish the new owners every success.”