Phillip Sykes and Graham Bushby of Baker Tilly Restructuring and Recovery LLP were appointed as Administrators of Enecsys UK Limited on 30 January 2015.
Enecsys is a leading supplier of smart, highly reliable grid-connected micro inverters and monitoring systems for the global Solar Power market.
Headquartered in Newark, California, Enecsys boasts an impressive patent portfolio around the key differential areas for inverter design – proven long-life capability (reliability), maximum harvest realisation (power extraction) and design and installation simplicity (cost reduction).
Since 2010, Enecsys has sold in excess of 170,000 units in key US, European and Australasian markets.
The UK arm of the business has entered into administration due to a lack of working capital to fund future growth and the Administrators are now pursuing the sale of the business, assets and intellectual property.
Phillip Sykes, Restructuring and Recovery Partner at Baker Tilly, and one of the Administrators said: ‘Enecsys has made great progress since the technology was first developed at Cambridge University in 2003. It is clear that a tremendous amount of effort has gone into developing and honing the core products in order to allow the group’s worldwide customers to enjoy the benefits that the innovative micro inverter architecture provides. It is therefore regrettable that the group has recently experienced significant working capital problems.
‘A number of interested parties have already made themselves known and we anticipate a high level of competitive tension amongst the big industry players. We wish to conclude a swift sale of the Enecsys assets and, with this in mind, we would urgently like to hear from any parties who may be interested in acquiring all or part of the business and assets of the Enecsys group’.
Any interested parties are advised to contact Robert Young on +44203 201 8364 or robert.young@bakertilly.co.uk.
- Baker Tilly is the trading name of a number of separate legal entities which has revenues approaching £300m a year, over 3,500 partners and staff operating from around 35 offices throughout the UK and is the 7th largest UK firm of chartered accountants, tax and business advisers to entrepreneurial and growing businesses.
- Key professional services: audit, accountancy, personal and corporate taxation, VAT, management consultancy, corporate finance, IT advisory, restructuring and recovery and forensic services.
- Sector expertise: charities and education, agriculture, automotive, media, manufacturing, pensions, professional practices, public sector, property, social housing, retail and leisure.
- Baker Tilly is a member of RSM International, the seventh largest network of independent audit, tax and advisory firms, encompassing over 100 countries, 700 offices and 35,400 people internationally. The network’s total fee income is US$4.5billion.
