Energy firm Flowgroup has called in administrators, having been unable to reach a final agreement with its creditors about the settlement of sums owed.
Since the sale back in May of its principal subsidiary, Flow Energy the company has explored the possibility of a reverse takeover but has been unable to identify any viable opportunities.
In a statement, the company said “The joint administrators will correspond with the company’s creditors and shareholders regarding the administration process in accordance with their duties. The company reiterates that it does not expect any value to be distributed to shareholders in any event.”
The environmentally friendly energy business has around 250,000 customers. The company had launched a turnaround plan which included cost-cutting measures. But this morning the AIM-listed business announced on the Stock Market that it has been forced to call in the administrators Geoff Rowley and Philip Armstrong of FRP Advisory LLP have been appointed joint administrators of the company.