UPDATED: Eco-Island, a community interest company with the broad goal of improving the resilience of, and promoting and achieving sustainability on the Isle of Wight, has been placed into voluntary liquidation, it has been revealed.
The Ecoisland CIC was set up in 2011 by CEO & Founder David Green (pictured), stemming from a personal interest in sustainability. The organisation grew and developed a strong following.
In a statement issued this week, Eco Island say:
“It is with deep regret that the Ecoisland Partnership Community Interest Company has been forced to close its doors and wind up its affairs on the Island. This action follows extensive funding rounds and significant number of re-finance packages that unfortunately have not come to fruition.
“The existing partnership funding structure was hit badly by the current economic climate and the new Energy Company initiative, in spite of numerous funding streams in the pipeline has not come online in time to provide the CIC with the necessary funding it required.
“There is no positive spin to put on this – the Vision of the Island as a sustainable region was clearly a valuable one but the necessary ongoing funding streams have not consolidated around the plan. It is clearly not for want of effort or initiative on behalf of the whole team and all of the supporters that the plan has not moved forward – it was hoped that the recent re-capitalisation plan would resolve things but it has not.
“Whilst it was hoped that the Ecoisland Partnership CIC would be able to lead the sustainability developments on the Island for a number of years to come, clearly without the ongoing funding this will not be the case.
“The Vision however is still a good one and the Director hopes that the momentum that has been generated can still be maintained.”
As part of the ‘Green Deal’ scheme, the Isle of Wight Council awarded Eco Island £240,000 of public money; however it has been announced that a massive £115,000 of this grant has been unaccounted for.
With the company going into liquidation this week, the Police have been called in to investigate this issue.
Stuart Love, strategic director for economy and environment, said:
“The council commissioned the EcoIsland Community Interest Company to deliver the government’s Green Deal on the Island using £240,000 funding from the Department for Energy and Climate Change. Having reviewed delivery of this project it would appear that approximately £115,000 of the £240,000 is unaccounted for and we have therefore referred this matter to the police to investigate.”