A firm that struck a deal to build multiple renewable energy projects across the country has said it is to file for administration.
Ascot Environmental carried out civil engineering and gasification work on waste treatment plants at numerous sites including at Bristol and Essex, working with waste disposal giant SITA and property management company Cyclamax Holdings.
This was part of a four-year deal made in 2009 that was reportedly worth £229m, for four sites, with the possibility of a further two plants.
It also designed, built and privately funded a plant in Dumfries aimed at generating 6.2 megawatts of electrical power for the National Grid, operated by ScotGen.
Ascot Environmental’s most recently filed accounts, for 2011, show a turnover drop of 26% to £29.05m, while pre-tax profits fell by 32% to £2.21m. In 2011 the company employed 83 staff, 52 of which worked in production and 31 in management.
The accounts said the company “continues to face challenges imposed by current and proposed legislation” but the risks were “being managed”.
A subcontractor working on the construction of a waste facility in West Sussex told MRW’s sister title CN that it was owed at least £150,000 by Ascot Environmental.
When CN phoned the company’s headquarters two employees confirmed it had filed a notice of intention to file for administration. No senior managers were available to comment on either the amount left owing to creditors or anything else.
Emma Bridges, director of the construction credit agency Top Service, said Ascot had £75,953 of county court judgements, with the most recent - worth £2,276 - filed on 14 May. Over the past six weeks more than 20 of Top Service’s customers had reported overdue payments with Ascot, she said.
The size of the overdue payments, added to the CCJs, led Top Service two weeks ago to reduce its credit limit from £50,000 to zero.