Duff & Phelps is pleased to announce that it has recently completed the sale of the assets of off-shore wind supplier Tees Alliance Group Corporate Limited (“TAGC”).
About the Company
TAGC was the sole trading company within the TAG Group, situated on Teesside in the North East of England. TAGC set up in 2008 to enter a gap in the UK market for the manufacture of tubular foundations for the offshore energy industry.
Duff & Phelps’ Role
Duff & Phelps’ involvement commenced when it became apparent that a solvent sale of the TAG Group would not be achievable. Duff & Phelps’ facilitated the sale of certain assets of TAGC to Offshore Structures (Britain) Limited (“OSB”).
OSB is a new joint venture vehicle set up by German company EEW SPC and Danish firm Bladt Industries A/S. OSB has recently announced that it has secured its first contract which may result in creation of c350 new jobs in the Teeside area.
Geoff Bouchier, Joint Administrator of TAGC said “We wish OSB every success with the recommencement of business and the creation of new employment in the Teeside area.”