THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION (EU) 596/2014 AS IT FORMS PART OF DOMESTIC LAW IN THE UNITED KINGDOM BY VIRTUE OF THE EU (WITHDRAWAL) ACT 2018.
28 July 2025
Eneraqua Technologies plc
("Eneraqua", the "Company" or the "Group")
Appointment of Administrators over Subsidiary, Sale of Part of that Business and Proposal for Creditors Voluntary Liquidation
Subsequent to announcements released on both 7 and 9 July, Eneraqua Technologies plc announces that James Lumb and Howard Smith of Interpath Advisory ("Interpath" or "the Administrators") have been appointed as Administrators of Cenergist Limited ("Cenergist"), the Group's major trading subsidiary.
Immediately following that appointment, the Administrators concluded the sale of Cenergist's Water Business to IMFD Limited ("IMFD"), a company led by Caroline Gray-Mason and Gary Copeland who were shareholders in Eneraqua and whose directors and/or shareholders include Mitesh Dhanak, David Routledge, Sarah Cope and William Tame, all of whom are directors and shareholders of Eneraqua.
The transaction includes the acquisition of various subsidiaries of Cenergist including Control Flow Technologies Limited, Cenergist Energy Private Limited and Cenergist Spain SL and its subsidiaries HaGePe International BV and HGP Exploitatie BV.
For the year ended 31 January 2024, the Water Business recorded profit before tax of £975,000 on revenue of £4,559,000. Net assets of that business at 31 July 2024 were £4,662,000.
The transaction value of £325,000 comprises £250,000 paid in cash on completion and £75,000 of deferred cash consideration which is payable in no more than 12 months. Additionally, IMFD is acquiring approximately £800,000 of debtors for a consideration of 85% of their value. This transaction will safeguard 84 of the 180 jobs in Cenergist.
Certain assets of the Water Business are being retained by the Administrators. Should these assets be sold with the assistance of IMFD, 55% of their value will accrue to Cenergist in administration for the benefit of creditors. All other proceeds from this sale will also be for the benefit of creditors.
The transaction follows an intensive period of marketing by Interpath to achieve the best value for creditors. The transaction process has been independently reviewed by J9 Advisory Limited as Evaluator under The Administration (Restrictions on Disposal etc. to Connected Persons) Regulations 2021.
Following the appointment of Administrators to Cenergist and as the Company has no other assets, the Board of Eneraqua is now taking steps to place the Company into Creditors Voluntary Liquidation and further announcements will be made in due course.
For further information please contact:
Eneraqua Technologies plc
Guy Stenhouse, Chairman
John Samuel, Chief Financial Officer john.samuel@eneraquatechnologies.com
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