1. ITV Report

More than 900 jobs to go at energy firm Mark Group

939 jobs are going at Mark Group Ltd Credit: ITV News Central

An energy company based in Leicester has gone into administration with the loss of more than 900 jobs.

Staff at Mark Group Ltd, which was founded in the city in 1974, were told the news this afternoon.

The company was founded in 1974 Credit: ITV News Central

The company has 13 branches across the UK, employing 1,165 staff. A total of 939 redundancies were announced by the administrators today.

Joint administrator Chris Farrington said:

Unfortunately, the Company has sustained heavy losses due to structural changes in its core markets, which it has been unable to survive, despite some significant recent investment.

With regret, the Administrators are having to make a significant number of redundancies, but are working with remaining employees to secure an urgent sale of the ongoing business.

Prospective purchasers are encouraged to contact the Administrators as soon as possible.

– Chris Farrington, Joint Administrator

In a statement, the company said:

This morning Mark Group’s managers bought the business from SunEdison and, after taking advice, have taken the regrettable decision to put the business into administration.

This decision has not been taken lightly but the ongoing losses of the business meant it was our only option.

The turnaround plan, which was already underway, focused on solar PV but the Government’s recent policy announcements mean this is no longer viable.

Mark Group’s management team recognise the talent and expertise within the business, which has been developed over four decades, and believe there is an opportunity to refocus the business on other energy saving technologies.

Mark Group is now in the hands of administrators who are working to secure an urgent sale of the ongoing business. Prospective purchasers are encouraged to get in contact as soon as possible.

– Company statement