Redundancies at Teesside’s biodiesel refinery

Nov 18 2009 by Sue Scott, Evening Gazette

Not a smooth ride for biofuels

THE Biofuels Corporation story so far...

May 2003: Biofuels Corporation first announces plans for a production plant on Teesside.

September 2003: Seal Sands is chosen as the site for the multi-million pound complex.

December 2003: A planning application submitted for the site.

June 2004: Plans to float on the Alternative Investment Market announced to generate £15m to fund the complex.

November 2004: Ground breaking for the site takes place.

February 2005: Delays in the building of an alternative fuel plant add £7m to the site’s £21m costs.

March 2005: Plans announced to raise a further £30m in a share offer to ensure the completion of the site.

September 2005: Biofuels Corporation confirms it will not meet its deadline to begin production at its site.

November 2005: Shares are temporarily suspended while discussions over funding with its bank take place. A finance rescue package is agreed the following month.

March 2006: With the site complete, the first biodiesel is produced.

July 2006: Prime Minster Tony Blair opens the site.

September 2006: Site is at almost full capacity.

January 2007: Biofuels Corporations’ shares fall to 27p - from a high of 216p a year earlier.

June 2007: The company says insolvency for the firm would be “unavoidable” if restructuring proposals are not approved by shareholders. This includes de-listing from the Alternative investment Market (AIM) and become 94% owned by Barclays Bank in a debt-for-equity swap.

July 2007: Shareholders vote in favour of restructuring.

August 2007: Biofuels Corporation de-lists from the stock market.

April 2008: The company says Europe needs to tackle the issue of subsidised US biodiesel flooding the market.

July 2009: After running substantially under capacity, the site says it had increased output.