A BRIGHOUSE firm which secured £120,000 from the Dragons Den investors is believed to have gone into administration.
However, it is thought that Ploughcroft Renewables founder Chris Hopkins has secured the assets of the company and administrators have allowed him to take over its resources.
It’s believed he will now trade under the name of Ploughcroft Ltd, which according to Companies House was formed in 2006.
Dragons Den judges Deborah Meaden and Theo Paphitis promised £120,000 of investment for a 25% stake when Mr Hopkins appeared on the BBC2 TV show last year.
But it’s not clear if the Dragons are aware of the company’s troubles. Replying to a tweet about the news, Deborah Meaden replied: “What has happened? We are no longer invested?”
It is thought the company, based at Thornhills Beck Lane in Brighouse, faced financial difficulties relating to cuts to the feed-in tariff subsidies for solar power.
Industry insiders say that poor weather conditions hampered installations over the summer and reduced orders in August.
The Business Green website claimed Mr Hopkins is set to head up a new company with 120 solar installers and he intends to establish a customer helpline to assist with existing customer warranties for the new business.
The Examiner contacted Ploughcroft yesterday for details but calls were not returned.
Mr Hopkins started Ploughcroft Building Services Ltd in 1997 as a roofing firm.
Since then he turned it into one of the UK’s biggest names in renewable energy – with a string of awards to its name and high profile backing from the Dragons.
As green issues became more pressing, Ploughcroft introduced solar panel installation training to its roofing college and in 2007 designed the UK’s only NVQ in solar roofing.
In 2008, when the recession hit, Ploughcroft was turning over £1.9m, but made losses of £200,000 as it felt the impact of the downturn on the construction industry.
Mr Hopkins told the Examiner previously that he went without a wage for six months in 2009 to keep the business ticking over and in 2010 his firm made profits of £750,000.
By 2011 Ploughcroft had established itself as a reputable training centre and options to grow the business varied, from setting it up as a Plc to facing the Dragon’s Den.
Chris took to the floor in front of the BBC2 TV show panel in August 2011 to seek investment from the Dragons.
It catapulted Ploughcroft on to the national stage and secured the backing of Dragons Theo Paphitis and Deborah Meaden.
