Certas buys business and assets of Green Biofuels
The business and assets of HVO supplier Green Biofuels have been acquired by energy firm Certas after it collapsed into administration.
The administrator, Ernst & Young (E&Y), added that the purchase also saved 28 jobs.
The UK’s largest supplier of HVO fuel entered administration after investor BP Oil enforced its security and appointed E&Y following meetings at the end of September to discuss providing additional funding worth £2m.
The oil giant had taken a 30% stake in Green Biofuels in February 2022.
According to a report to creditors, “BP Oil did not consider a satisfactory refinance was achievable.”
Green Biofuels continued to trade through its administration in order to maximise the prospects of achieving E&Y’s goal of a going concern sale.
The report added that non-preferential creditors are currently estimated to be owed £10.3m.
In a letter from E&Y to creditors and seen by motortransport.co.uk dated 23 November, it said: “On 22 November 2023 Certas Energy UK have purchased the business and certain assets of the company.
“The joint administrators will not be liable for any services provided or goods ordered from 22 November onwards.
“It is possible that the purchaser may wish to continue to order from you and, if that is the case, contact will be made with you in due course.”
A spokeswoman for BP said it continued to supply HVO to distributors in the UK and that biofuels remained one of its “transition growth engines”.
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