• engagemarketing

Modular Housing Specialist Goes Into Administration

Eco-friendly Highland construction business, Carbon Dynamic, has gone into administration following ongoing cashflow problems.

Carbon Dynamic, which specialised in low-energy pre-fabricated homes and commercial buildings, chose KPMG restructuring experts Geoff Jacobs and Blair Nimmo after experiencing cashflow problems.

The company, which was founded in 2012 and was forecasting to turnover £6m in the year to May 2019, previously received grant and loan funding from Royal Bank of Scotland-backed Scottish Edge as well as a £1.2m grant from government agency Innovate UK.

Two years ago it raised £87,000 from 51 investors on the Crowd2Fund peer-to-peer lending site, with investors promised an interest rate of 9% over three years.

In June Carbon Dynamic obtained £400,000 worth of backing from Centrica Innovations, a business incubator set up by energy company Centrica.

The company was close to completing a project for the construction of 78 buildings.

Nimmo said that, while all but two of Carbon Dynamic’s 42-strong workforce have been laid off, the aim is to try to find a buyer that could complete the work.

The administrator said: “Unfortunately, Carbon Dynamic was unable to continue trading in light of challenging conditions and significant cashflow difficulties.

“We are rapidly exploring the possibility of securing a sale of the company’s business and assets.”

The assets being sold by the administrators include the company’s intellectual property, unfinished building work, order and customer books, and stock.

#construction #housing


© 2019 Nationwide Sureties Ltd is authorised and regulated by The Financial Conduct Authority Firms Ref No 304552
Office address:-Nationwide Sureties Ltd, P.O. Box 283, Liverpool, L23 8WB,

Nationwide Sureties Ltd Registered in England. Co Number 3732977. View our Privacy Policy here.

Registered office  Granite Buildings, 26 Stanley Street, Liverpool L1 6AF 

Website Created by XL Marketing