The saga of The Solar Cloth Company (TSCC) has taken a further twist after Base Structures, the company which acquired the failed installer’s assets, filed for liquidation itself.
Crowdcube-funded TSCC entered administration in June this year, however various parties immediately stepped forward and expressed an interest in acquiring its assets in an attempt to revive the company’s work.
A sale was concluded a fortnight later, however TSCC’s administrators Irwin & Co could not at the time disclose the identity of the buyer. The business was not sold as a going concern, and those who invested in the company via its crowdfunding campaigns lost their investment.
Solar Power Portal can now reveal however that the buyer of TSCC assets was Base Structures, the Bristol-based tensile structures firm that merged with TSCC in April this year as part of a major play to target the solar carport market in the UK.
Base Structures and its director Christopher Ives were the second largest shareholders in TSCC at the time of its collapse, owning a combined stake of around 16%. Its largest shareholder – Peregrine Sakata Carroll – owned 65%.
Base Structures has however now suffered a similar fate to TSCC, filing for liquidation in late October and appointing the same insolvency practitioners – Irwin & Co – as TSCC.
It remains unclear what will now happen to the TSCC assets now that their second owner this year has collapsed with more than £1 million in debt, much of which is owed to trade and expense creditors and redundancy claims.
Base Structures could not be contacted, and Irwin & Co have yet to respond to requests for comment after being contacted by SPP.