UK
Ireland
ReSolve secures sale of G2 Energy assets
ReSolve has secured the sale of certain assets, including the intellectual property, of G2 Energy Limited (the ‘Company’) to Mitie Technical Facilities Management Limited, a subsidiary of Mitie Group PLC, the UK’s leading facilities management group (“Mitie”).
ReSolve Partners Lee Manning and Simon Jagger were appointed joint liquidators to G2 Energy on 3rd July 2023. Prior to the liquidation, the Company supported a range of engineering projects across the UK that were vital to the clean energy transition including battery energy storage solutions, renewable energy generation, and electric vehicle charging hubs.
Thanks to the reputation of G2 Energy and its experience working on clean energy projects, interested parties came forward to acquire various assets. Following valuations, ReSolve negotiated the terms of a sale with Mitie.
One of the principal assets was the G2 Energy team itself, who are specialists in high voltage electrical and civil engineering. More than 40 of the former team have been re-employed by Mitie, including the senior leadership. They will support Mitie’s existing capabilities in energy, decarbonisation and high voltage electrical engineering services. Other assets include the former G2 Energy Head Office in Olney and warehouse in Milton Keynes, inventory, plants and machinery, intellectual property and brand.
Lee Manning, Partner at ReSolve, commented:
"Liquidation processes are always challenging and can be a very destabilising time for employees, which is why ReSolve worked quickly and carefully to achieve this sale.
Unfortunately, given the finality of a liquidation proceeding, not everyone can be made whole nor every job secured but by conducting a rigorous process, as we have done here, the majority of the Company’s former employees have found new roles with Mitie.
“We are very pleased that starting from a situation where the Company had to immediately shut down all its trading operations, make almost everybody redundant and go straight into liquidation, we have been able to achieve the partial rescue of the business and preserve over 40 jobs."
This article was originally published on ReSolve Advisory Limited. On 28 October 2024, ReSolve Advisory Limited joined S&W Partners LLP (formerly Evelyn Partners LLP). While considerable care was taken to ensure the information contained within this article was accurate and up to date at the time of publication, no warranty is given as to the accuracy or completeness of the information. No liability is accepted for any errors or omissions in such information or any action taken on the basis of this information.