1:28 pm, January 17, 2023
Troubled electric car battery company Britishvolt has entered administration and made the majority of its 300 staff redundant.
Just a week ago it was in talks with investors and hoped to secure a buyer, but the BBC reports that this morning that staff were told of the collapse at a company-wide meeting.
It comes after months of trouble as the company struggled to raise enough money to stay afloat. It had previously considered administration in October last year but it found short-term funding and staff took a pay cut.
The company had plans to build a £3.8bn gigafactory to make the batteries in Northumberland.
It has now has appointed administrators at EY after failing to raise enough cash for its research and the development of its Cambois site.
‘The company has entered into administration due to insufficient equity investment for both the ongoing research it was undertaking and the development of its sites in the Midlands and the North East of England,’ EY said on Tuesday.
‘The joint administrators are assessing the options for realising the potential value in the business and assets of the company, including intellectual property and R&D assets, for the benefit of creditors.
‘The administrators will subsequently implement an orderly closure and winding down of the company’s affairs, as required.
‘As a result, regrettably, the majority of Power by Britishvolt Limited employees have been made redundant with immediate effect.
‘All those impacted are being offered appropriate support and advice.’
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