Administrators have taken over the Liverpool-based organic waste specialist H2 Energy Group and are striving to find a buyer for the company, which has 75 employees.
H2 Energy has been seen as an innovator in the field of design and construction of bio-refinery plants using by-products from the food industry as feedstock.
The company has been backed by lenders including Liverpool City Council via Liverpool Vision, an investor in local innovative technology companies and facilitator of regional jobs development.
Jason Baker and Miles Needham of FRP Advisory, the business advisory firm, are the joint administrators.
H2 Energy says that, despite operational achievements, the group has recently faced unsustainable pressure on its cash flow.
“The group’s board is fully supportive of the efforts of the joint administrators to find a more sustainable solution for the business, and allow for the continuation of job opportunities created by H2 Energy’s investment in its range of innovative bio-refinery energy manufacturing,” a statement said.
The company employed around 75 people at the point of entering administration.
FRP Advisory will continue to operate the business while consulting with staff and continuing with a review of the financial position.
In December 2014, MRW reported that the 2 Sisters Food Group had signed a contract with H2 Energy to design, manufacture, build and operate what it calls ’bio-refineries’ at all 43 of its UK sites.
2 Sisters runs large-scale chicken farms and owns a number of famous brands including Fox’s Biscuits.