Muckle LLP has acted on behalf of Narec (the National Renewable Energy Centre) to spin out its photovoltaic division and retain high tech operations in the North East.
Muckle LLP has been providing legal services to Narec, in Blyth, for many years and assisted in the formation of the new company: Narec Solar Ltd. Following investment made by a European partner, the company will continue to be a global provider of goods and services to the solar energy sector.
Nicola Loose, partner at Muckle LLP, worked on the latest deal. Nicola said: “Narec has restructured its core operations to focus on the development of offshore renewable technologies – wind, wave and tidal. We helped Narec to structure the sale to create a new standalone business. Narec also maintains an ongoing interest in the new company – so the links and support remain.”
“This deal secures the photovoltaic division and safeguards jobs in that division in Blyth for the future. The challenge was in ensuring the deal went through quickly, which we did.”
Richard Marr, Financial Director from Narec, said: “The team at Muckle LLP was dedicated to completing this deal quickly and making things as easy as possible for us. Their strategic guidance and legal advice was excellent. They understood our objectives – changes to our business strategy and funding model required that the PV business was spun out as a stand-alone operation. 15 full time employees have been transferred into the new company, which will sub-lease the existing PVTC premises in Blyth and continue business as normal, as a fully commercial operation.”
Alex Cole, Managing Director of Narec Solar, said: “This investment means that highly technical jobs remain in the North East. We will work with our new partners to grow our global client base for solar cells, solar cell modules, research and development, and consultancy services.”