Listed firm Eneraqua Technologies plc has appointed administrators over its trading arm, Cenergist Limited, in an attempt to safeguard 84 of the company’s 180 jobs.
Interpath Advisory has been tasked with the role and, immediately after, concluded the sale of Cenergist’s Water Business to IMFD, whose executive team were shareholders in Eneraqua.
The transaction includes the acquisition of various subsidiaries of Cenergist, including Control Flow Technologies Limited, Cenergist Energy Private Limited, as well as Cenergist Spain SL and its subsidiaries HaGePe International BV and HGP Exploitatie BV.
For the year ended 31 January 2024, the Water Business recorded profit before tax of £975,000 and revenue of £4.6m.
The transaction has been valued at £325,000 as Eneraqua’s board takes steps to place the London-based business into creditors voluntary liquidation (CVL) as it has no other assets.
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CVL is the procedure whereby a company is insolvent and the shareholders decide to voluntarily wind up the company to repay creditors as much as possible.
Eneraqua supports its clients to meet their net zero and sustainability goals through its patented technology and expertise. The company is chaired by Guy Stenhouse (pictured, main image).
It floated in November 2021 with a share price of 283.5p, which then peaked in February 2023 at 362p.
Since then, shares have slumped and last sat at 19p on 9th July, when it initially announced the news regarding administrators being appointed to Cenergist.
It had a market cap of £6.31m at the time.