Kent wind power company collapses

Administrators at corporate recovery and business advisory firm Quantuma have been appointed at a Kent wind power company that has collapsed.

Quantuma partners Simon Bonney and Andrew Hosking are seeking to sell the intellectual property rights of X-Wind Power Ltd after attempts to rescue the business via an earlier Company Voluntary Arrangement failed.

The Herne Bay business, which was founded in October 2010, was set up to design and manufacture medium scale vertical axis wind turbines.

Following the acceptance of the Company Voluntary Arrangement, management made seven employees, including the directors, redundant and sought significant investment into the business. However, this was ultimately unsuccessful.

Simon Bonney and Andrew Hosking were then appointed administrators on 8 September 2017.

Simon Bonney said: “The company was in the early stages of its life cycle, involved in research and development, and therefore had not got to the stage of manufacture and sales.”

Expressions of interest in acquiring the intellectual property rights of X-Wind Power Ltd can be sent to simon.bonney@quantuma.com , or call 0203 856 6720.

 

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For further information, please contact:

Marie Wadeson, Head of Marketing,

Quantuma LLP, Vernon House, 23 Sicilian Avenue, London, WC1A 2QS

Tel: 07464 545678

www.quantuma.com

or Andy Skinner, Managing Director, ASAP PR – 07990 978257

 

Notes to Editors

Quantuma LLP is a leading corporate restructuring, insolvency and business advisory firm delivering partner-led solutions to businesses and individuals facing financial distress with offices in London, Southampton, Marlow, Watford, Brighton, Birmingham, Bristol and Manchester.