Harris Lipman News

Creditors’ Meeting to be Held for Pioneering Environmental Trust

18/11/2008

A pioneering charity and environmental trust says its legacy will live on in green homes and spaces after it was forced to instruct accountants to convene a creditors’ meeting.

The Environment Trust, based in the East End of London, has been active in green space, green workspace, environmental education and renewable energy projects since 1979. It is the UK’s leading non-profit developer of affordable, environmentally friendly housing and also led the £25 million redevelopment of Mile End Park in Tower Hamlets.

It has now instructed London accountants and insolvency practitioners Harris Lipman to convene a creditors’ meeting, which will take place on 9 December, after being seriously affected by ongoing difficulties in the economy.

The impact of the credit crunch on the housing market has stalled sales of a flagship development of 47 environmentally friendly, affordable homes in Sheffield. Elsewhere, a wholly-owned subsidiary company, Welsh Biofuels, which produces wood pellets for fuel, has been hit by contamination of wood supplies used to make the pellets.

Jon Aldenton, the trust’s chief executive officer, said: “Our financial position means that we are no longer in a position to continue trading.

“We are devastated but take some comfort from the fact that we leave a proud legacy in projects like Mile End Park and Fair Finance, which provides affordable loans and money advice. As a charity, we have built up community assets and we are working to save those for the community.”

A number of buyers have shown interest in Welsh Biofuels, which employs 14 people, and it is hoped that jobs among the trust’s eight staff in London will also be saved by transferring some of its work to other charities.

Martin Atkins, partner at Harris Lipman, said: “This development is very sad for the Environment Trust and all those who have been involved with it over the last 30 years but unfortunately it is another indicator of the impact of the current economic downturn.”

For more information, please contact Jon Aldenton on 07970 265966 or Harris Lipman on 0208 446 9000.

 

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