Solar panel firm G24 in white knight rescue

Solar panel firm rescued

The assets and business of G24 Innovations Ltd (G24), a Cardiff-based solar technology company, have been sold in a deal that will secure all 42 jobs at the firm, says administrator Wilkins Kennedy LLP.

Wilkins Kennedy has confirmed that the new owners intend to resume production immediately on the same site. The company had financial difficulties due to initial high development costs which were not matched by product sales in the early stages of production.

G24 Innovations develops and manufactures flexible solar panels, which are used in wireless electronic accessories, including laptops, keyboards and computer mice.

Stephen Grant, partner at Wilkins Kennedy, and joint administrator, says: 'I'm delighted that we've been able to secure a healthy future for G24 in such a short period of time. The main aim was to obtain the best price possible for the assets and secure the 42 jobs at the company, and this deal achieves that.

'This is a big boost for the Cardiff economy, and very welcome news ahead of the Christmas period.

'Now that a sale has been achieved, the business has a bright future ahead of it. It has an excellent, innovative product range, and was already beginning to receive major orders before entering administration.

Stephen Grant and Anthony Cork, both licensed insolvency practitioners and partners of Wilkins Kennedy LLP were appointed joint administrators of G24 on 3 December 2012. The deal was concluded on 13 December 2012.

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