Your Group has said that it is “bitterly disappointed” after its Your Power division was forced to enter administration after racking up significant trade debts.
The firm, which had completed a number of notable commercial installs in the past year, appointed insolvency practitioners Kirks on 21 September.
And documents filed with Companies House last week revealed that Your Power had accrued total debts of circa £600,000, roughly two-thirds of which is owed to a raft of trade debtors.
Distributors and manufacturers such as Trina Solar, Schneider, Rexel, YESSS Electrical and Sunfixings are all owed significant sums, while approximately £171,000 is owed to HMRC in outstanding VAT and other taxes.
In a statement issued to Solar Power Portal, Your Group squared the division’s closure with the government’s rollbacks of renewables support programmes.
“Like many before us and no doubt ahead of us Your Power's demise ultimately came about through government policy changes and the steep decline of the feed-in-tariff. Unfortunately this provided the board of directors with no alternatives but to cease trading and shut the doors for the business,” the statement read.
Your Group did however confirm that it had managed to redeploy a number of people from the Your Power division to its other business units, resulting in the loss of “only a handful of jobs”.
Your Group also said that while it had “moved away from the policy led market of renewables” it would continue to be actively involved in the new build sector.