Aquamarine Power ceased trading on 20 November due to not receiving any offers from buyers.
This was reported by BDO LLP business restructuring partners James Stephen and Graham Newton, who have been appointed Joint Administrators on 27 October.
James Stephen said: “Despite a comprehensive marketing process, and after speaking to a number of interested parties, we regret to announce that no offers were made for Aquamarine Power as a going concern, leaving us with no option but to cease to trade the business. The company ceased to trade on Friday, 20 November.”
“Our duty now as joint administrators is to maximize recoveries from the asset base for the benefit of creditors.”
This affected 14 job losses, 13 in Edinburgh and one in Belfast.
Image: Aquamarine Power