Australian company looking to buy Britishvolt

Britishvolt fell into administration last week (17 January) after it failed to attract any viable bids to keep it in business, with officials from EY-Parthenon appointed as its administrators. It had planned to build a £3.8bn factory in Northumberland to build electric batteries and was hailed as a “levelling up opportunity”, part of a long-term vision to boost UK manufacturing of electric vehicle batteries.  

However, it has been recently reported in the Australian Financial Review (24 January) that Recharge Industries has tabled a last-minute take over bid. Backed by Scale Facilitation, it confirmed it has made a non-binding offer for the business.

It has since been reported by The Guardian Britihvolt owed as much as £120m to creditors when it collapsed, with creditors expecting to recover a very small proportion of the debts.