Britishvolt buyer yet to make final payment in purchase

In a progress report, Britishvolt administrators EY said Recharge Industries – which finalised a deal to complete the purchase back in February and was due to pay the last of its instalment of payments on 5 April – was in default of the business sale agreement.  

EY went on to say the joint administrators were using “the protections and guarantees” afforded in connection with the business sale agreement to pursue the outstanding amounts due.

In response, Recharge’s parent company Scale Facilitation told ITV, which first reported the story, “we dispute we are in default” – explaining that “the timing of the final instalment to the administrator is linked to a funding facility, which when closed will also cover the cost of the land acquisition and provide additional working capital for the project”.

It added: “The financier is in direct contact with the counterparties, and we anticipate closing in August following a period of significant due diligence.”