Toward the end of December 2020, in order to enact a legal restructure, the company Source One Environmental Ltd voluntarily went into administration and was re-established as a new company, S1E Limited. The US sister company had previously been restructured during 2019, without any impact on the UK operations and this new change now applies solely to the UK operation.
This UK restructure will not affect the operation of the company, which retains the established team of employees who will continue to work together to offer excellent customer service and build on the growth the company has already achieved. The team will work throughout the current UK national lockdown, with no employee required to furlough, providing a seamless service to customers, as had been achieved through the previous two national lockdowns.
The new legal status has been enacted with as little disruption to the company’s daily business as possible.
All contracts with supplying companies have been honoured and all trade creditors are being paid – in full – ensuring that S1E can continue to supply the same market leading brands of CIPP materials and equipment we have so far.
The voluntary administration was part of the required legal process to achieve the desired restructure. During this process, bids for the company were received from other interested parties as the company is a viable and profitable concern.
The new, shortened company name and legal change has created an opportunity for a fresh rebrand as the company begins the next stage of its existence as a key supplier of outstanding trenchless technology products.