OceanLED Ltd was last week placed into administration in the UK.The marine underwater lights manufacturer told SB‘s sister publication IBI that it is in the process of restructuring operations, which includes a management buyout of the marine business and selling off its non-marine lighting division, Lietcorp.
“For the past four years, the directors of OceanLED Ltd have been developing two distinct business divisions,” said a statement on the company’s website. “The reality of building these two businesses has been significant management distraction and financial stress. Unfortunately this led to OceanLED Limited being placed into administration on Friday 14th March.”
The statement said that the management of OceanLED’s marine division has acquired the assets of the marine businesses and “secured investor funding” to move forward.
The new company is called OceanLED Marine Ltd. According to Companies House, which tracks UK-based corporations, the firm was incorporated on March 6.
Lietcorp was acquired in a management buy-out by Future Energy Lighting Technologies Ltd. “Lietcorp has received new investment that will strengthen its growth and support new and existing products going forward,” said the Lietcorp statement.
CEO Derek Duffill said in the statement that Lietcorp “has, for some time, looked to move away from its parent company to focus on our commercial products and believes that the buy-out will secure our long term future in the lighting industry.”
The statement also said that the UK administration procedures have not affected OceanLED USA LLC. “We realise you have questions and we are working to provide transparency on what the next 30-60-90 days will look like for deliveries,” said the statement. “Customers with pending orders should contact their OceanLED representative for information on their expected delivery date. Warranty claims will continue to be honoured.”