Glasgow-based manufacturer of small wind turbines Gaia-Wind Ltd, has been appointed a provisional liquidator by the Court of Session, Edinburgh on 13th March 2018.
Although Gaia-Wind has a long and successful history in the industry, competitive pressures in Denmark reduced sales in the last year or so which was not helped by the UK government’s reduction in tariff support in recent years.
Aberdeen-based Michael Reid of Meston Reid & Co was appointed as provisional liquidator.
Although a business plan at the end of 2017 provided a practical basis for survival, recent drastic cuts in Italian and Japanese government support for small scale wind turbines lead to dramatic reduction in the immediate order pipeline in those markets. Faced with these challenging circumstances in each of its main market areas, the board reached the unfortunate decision that the company had no option but to cease trading.
This development places 12 jobs are at risk and meantime, the provisional liquidator is looking for interested parties to take over the business in whole or in part, or parties interested in acquiring the assets. Initial interest has been expressed from a number of sources and anyone wishing information should contact the provisional liquidator.
Director Johnnie Andringa said “Appointing a liquidator is the last resort because the board has worked hard over a long period of time to develop a sustainable business in wind energy. With almost 2,000 wind turbines installed mainly in UK and Europe as well as Australia, Tonga and Alaska, an opportunity presents itself for someone to purchase the service, maintenance and spare parts aspect of the business. With the turbine design offering the best price, performance and reliability available in the market, and demand still evident for the product in the UK and globally. It would be great if a trade sale could be achieved which preserves the jobs of the highly skilled and committed workforce.”