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Management Buy-out Saves Majority of Threatened Icon Energy Jobs

Around 30 jobs at a failed Perthshire wind turbine installer have been saved after a management-led buy-out and the formation of a new company.

Icon Energy of Milnathort hit the buffers last month after the Health and Safety Executive stepped in to stop sales of the faulty P35-2 turbine unit manufactured by the firm's major supplier Proven Energy.

The doomed turbine's removal from the market forced Proven into receivership and Icon found itself in major difficulties as a direct result.

After a failed bid to buy out Proven, Icon's directors took the decision to place the firm into voluntary liquidation and the firm's 30-strong workforce were informed their jobs were at risk.

However, senior figures within Icon's former management team were determined to start anew and talks over the formation of a new company started within days of the collapse.

Greenfish Energy — headed by former Icon chief executive Stephen Hamilton — emerged from those negotiations and the new firm moved to buy Icon's assets from the liquidator.

The majority of Icon's staff have been re-engaged and Greenfish is working with a new manufacturer to fulfil Icon's outstanding order book.

The company is also in negotiations with Irish Republic-based Kingspan — the new owners of Proven — with a view to developing a working relationship.

Mr Hamilton expressed delight that Icon's workforce had been kept in work, and said Greenfish had a solid platform for growth.

The company expects to start installing wind turbines again in the course of the next month.

''All of Icon's former staff have been offered employment with Greenfish Energy or one of their associated companies,'' Mr Hamilton said.

''Greenfish Energy is currently working with Evoco Energy who have been successfully manufacturing wind turbines to the UK market for several years.

''Greenfish Energy is ensuring that all Icon Energy's obligations to previous clients awaiting an installation will be fulfilled and, in turn, (are) restoring confidence in the micro wind industry in Scotland.

''Icon Energy's clients will be given the opportunity to acquire an Evoco wind turbine which is comparable to the P35-2 at no extra cost.

''In addition, Greenfish Energy are in negotiations with Kingspan, who successfully bought over Proven Energy last month, to continue to supply the P11 and P7 wind turbines to the Scottish agricultural community.''

 

 

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