Dr Adrian Bowles and Christopher Corner step aside at Helius Energy

Biomass power developer Helius Energy said money remained tight as it announced the exit of two of its senior management team and the opening of a wider redundancy consultation.

It said chief executive Dr Adrian Bowles and commercial director Christopher Corner had agreed to step aside.

John Seed will take-on the role of executive chairman in the short term, while COO William Ingram Hill and CFO Alan Lyons step up to lead the firm.

Savings, including those garnered from the redundancy programme, will be used to provide the company with working capital over the coming months.

Mr Seed said: “Our priorities remain to finalise funding and commence construction of our Avonmouth project as soon as possible and to continue efficiently to operate the Helius CoRDe plant in Rothes in order to maximise first dividends from that project.”

Helius is backed by leading Scottish business figures including Alastair Salvesen and Stagecoach co-founder Ann Gloag.