BDO takes over as tidal firm Aquamarine calls in administrators

BDO’s business restructuring partners James Stephen and Graham Newton have been appointed joint administrators at renewable energy firm Aquamarine Power.

The Edinburgh-based company said it had called in administrators to manage the business and seek a sale or fresh investment.

The move comes just a month after the firm received a £580,000 cash injection from the EU to improve the performance of its Oyster wave energy converter.

The BDO pairing will now take over the running of the firm, which will continue to trade with all 14 employees retained.

The wave energy developers have recently been testing their full-scale Oyster wave energy machines at the European Marine Energy Centre (EMEC) in Orkney.

Mr Stephen said: “The economic climate has significantly affected the business.”