Mears abandons solar power market

Grant Prior 8 years ago
Share

Mears has decided to quit the solar panel installation market following government plans to slash subsidies.

The housing maintenance specialist said the move would cut £2.8m from its operating profit this year and would lead to a write-off of £2m spent setting up the division.

The government announced plans last month to halve the Feed-in Tariff subsidy for solar Photovoltaic (PV) work.

Mears said: “The Board has been evaluating the business case for PV and conclude that the prudent course of action is to cease these activities immediately, as the commercial attractions that led us to explore the PV space, in the short term, no longer exist.

“As a direct result, Operating Profit is likely to fall short of our previous expectations in the region of £2.8 million for the current year.

“In addition we believe it appropriate to write-off costs relating to the site set-up, system design and installation amounting to approximately £2.0 million which are now considered irrecoverable.”

Chief executive David Miles added: “It is unfortunate that we have wasted both time and resource in this area over the past six months.”

Latest news

Multiplex set for massive Elephant & Castle win

Contractor tipped to beat off competition from Mace for one of year's biggest building awards
4 hours ago

Opinion: Now time for Boris to prove his worth

Prime Minister must stick to his promises as Labour needs a radical rethink
2 hours ago

132 jobs saved as collapsed scaffolder Acorn pre-packed

Former directors of Acorn Scaffolding (Yorkshire) buy assets for £110,000
42 mins ago

Balfour Beatty creates new technology chief role

Chris Johnson promoted to new strategic role reporting directly to Leo Quinn
2 hours ago

Eutopia Homes advances debut £105m Salford scheme

Former Essential Living boss lodges plans for first of three schemes worth £365m
2 hours ago

Thirteen Housing Group seeks two firms for £100m spend

Work involves maintenance to complex and high-rise housing blocks
16 mins ago

Costain profits slashed after road row ruling

Profit forecasts halved following legal U-turn over Welsh road dispute
1 day ago

Balfour Beatty to exceed 2019 profit forecast

US probe into falsification of maintenance records extended to all 21 US air force bases
1 day ago

40 jobs axed as Leeds firm RDF Building collapses

Third east coast contractor sinks in less than 10 days
1 day ago

Dramatic crane collapse video shows site damage

Footage reveals aftermath of Kingston crane failure
1 day ago

Plans submitted for London ‘hanging gardens’ tower

36-storey 50 Fenchurch Street tower will feature huge green wall
1 day ago

Balfour gets go-ahead to restart Midland Met hospital

£267m contract award to restart job hit by Carillion collapse and funding wrangles
2 days ago

Vinci clinches Staffordshire Uni £40m skills hub

Work will start this spring on the Catalyst building in Stoke on Trent
1 day ago

McAlpine wins November contracts league race

BAM stakes claim as new favourite to be crowned 2019's greatest work winner
2 days ago

Tower crane in London collapses in high winds

Jib snaps on residential site in Kingston
2 days ago

Costain offloads Spanish golf courses for a loss

Costain to book £8.9m loss from sale of golf course and marina
2 days ago

Yorkshire Water names final AMP7 framework winners

Nine firms to share £650m clean and waste pipe spend
2 days ago

Balfour Beatty extolled as Britain’s most admired contractor

Business chiefs judge major contractors to find most admired firms
2 days ago

Amey chief executive Andy Milner exits

Amanda Fisher, MD of FM business, takes role of acting CEO
3 days ago

London council starts £520m housing upkeep contest

Lambeth to overhaul housing maintenance with new contractor line-up
2 days ago

£340m northern new-build framework winners

Six firms secure affordable housing major project lot in Yorkshire and Humberside region
3 days ago

Bad weather bogs down construction output

Construction suffers biggest monthly output fall for nearly two years
3 days ago

Boost your online presence – join the Enquirer Directory

Site for suppliers and buyers showcases products, services and latest stories
2 years ago

86 jobs cut as North East civils firm goes under

Joyce Construction & Civils is latest casualty of tightening market
4 days ago

Sewer breach sweeps away three workers on Tideway site

Court fines Thames Water Utilities £300,000 after Greenwich accident
3 days ago

Plans lodged for £30m Teesside indoor ski centre

Three-storey complex to be built at Middlesbrough Dock in Middlehaven
3 days ago

Willmott Dixon wins £18m historic London school rebuild

Historic St Dunstan’s College Lewisham site tol be redeveloped
3 days ago

Train narrowly misses trapped concrete mixer on crossing

Amey site staff beckoned truck onto crossing as warning lights flashed
3 days ago

Plans for Manchester Metropolitan Institute of Sport

Eric Wright has drawn up demolition and construction management plans
4 days ago

Clugston debt rumoured at over £40m

150 immediate job cuts with 262 staff retained to help sale of contracts
4 days ago

Contractor services