Scottish Government to buy bust Pelamis’ assets

The Scottish Government will purchase the assets of the defunct wave power firm Pelamis. Picture: Contributed
The Scottish Government will purchase the assets of the defunct wave power firm Pelamis. Picture: Contributed
Share this article
0
Have your say

THE Scottish Government will take over the assets of defunct wave power company Pelamis, administrators have announced.

Highland and Islands Enterprise, the government’s economic development agency for the north, has been announced as the preferred bidder for acquiring Pelamis Wave Power Limited’s assets after it entered administration on November 21.

No bidder came forward to take over Pelamis as a going concern so its 16 remaining staff will shortly be made redundant, administrators said.

A substantial number of Pelamis employees were made redundant following the joint administrators’ appointment.

The Scottish Government set up a public innovation company Wave Energy Scotland following Pelamis’ demise and pledged to offer job opportunities for some of its staff.

Blair Nimmo, joint administrator and head of restructuring at KPMG in Scotland, said: “Following the sales process, I am pleased to confirm that Highland and Islands Enterprise has been appointed preferred bidder in relation to acquiring the assets of Pelamis Wave Power Limited.

“Over the coming days we will be working to finalise the sale and are hopeful that the transaction can be concluded in the near future.

“We would like to thank all parties who expressed an interest during the sale process.

“Unfortunately, as no going concern solution has been found, the remaining staff will shortly be made redundant. We are working with government agencies to ensure employees obtain as much assistance as possible.”

CONNECT WITH THE SCOTSMAN

Subscribe to our daily newsletter (requires registration) and get the latest news, sport and business headlines delivered to your inbox every morning

• You can also follow us on Facebook, Twitter and Google +