A leading supplier of biomass energy technology has entered administration, resulting in the loss of 45 jobs.
Yesterday Eco Link Power Limited’s staff were told the news at the company’s base at The Old Filling Station in Great Ponton, just off the A1.
One former employee who wished to remain anonymous said: “We were just told to go home. We heard last year that they needed to find a buyer, and obviously that hasn’t happened. Now there’s a lot of people out of work.”
With over 60 years in the market, Eco Link Power supplied and installed biomass energy technology nationwide to the public sector, commercial and retail clients.
The company has appointed Midlands based accountancy and business advisory firm Smith Cooper as administrators.
Director at Smith Cooper, Richard Tonks, confirmed that whilst the company grew significantly in recent years and had secured a number of large projects, the administration was a result of the difficulty in sourcing additional finance to fund these projects.
Mr Tonks said: “The large scale projects Eco Link Power had in the pipeline are testament to the opportunities in this sector. Despite the company’s recent and potential for growth, the company was unable to secure the necessary funding or investment and so administration was the only option.”
The administrators spent a brief period seeking a buyer for the company prior to their appointment, but the sale of the business and assets could not be achieved in the time frame available for preserving jobs.
Smith Cooper said that they are currently providing assistance and support to employees with their claims to the government’s redundancy fund.
Mr Tonks added: “Notwithstanding that the company has had to cease trading, we invite interest in the business and or its assets as the company had an enviable customer base.”