Skip to main content

Brithishvolt into administration.

 

Brithishvolt into administration.

Britishvolt has collapsed into administration after last-ditch efforts to secure emergency funding from investors failed, dashing hopes that the start-up would help turn the UK into a battery manufacturing powerhouse.

Founded in 2019, the company had been billed as a potential British battery-making champion, securing investment from FTSE 100 companies Glencore and Ashtead and gaining a £100mn funding pledge from the government.

The group, which had formed a big part of former prime minister Boris Johnson’s plans for a «green industrial revolution», had planned to build a £3.8bn battery plant in Blyth, northeast England — the rights to the site are the group’s only significant asset. The vast majority of Britishvolt’s 232 staff were made redundant «with immediate effect» as the business had no funds to continue operating.

The group had for months survived on short-term rescue funding and tax rebates while it searched for a viable long-term owner.

A takeover offer from a group of shareholders, selected by the board as a «preferred offer» on Friday, was its last attempt to remain afloat, but creditors refused to back the deal.

In response to the collapse, the House of Commons business, energy, and industrial strategy select committee has launched an inquiry into the viability of future battery manufacturing in the UK.

The company had also received an offer from a little-known Indonesia-linked fund called DeaLab that was on similar terms to the shareholder bid.

www.sba.tax

Labels:

Comments

  1. Laura18 January 2023 at 15:06

    Too bad. I was hoping the UK would become better in this area because it's a very important one but it seems that isn't going to happen anytime soon.

    ReplyDelete

Post a Comment

Cloud Bookkeeping

US FED rate rise.

  The US Federal Reserve officials have indicated that they plan to resume increasing interest rates to control inflation in the world's biggest economy. During the June meeting, the Federal Open Market Committee reached a consensus to keep interest rates stable for the time being to evaluate whether further tightening of policy would be necessary. However, the majority of the committee anticipates that additional rate increases will be required in the future. The minutes of the meeting have recently been made public. According to the minutes, most participants believed maintaining the federal funds rate at 5 to 5.25 per cent was appropriate or acceptable, despite some individuals wanting to raise the acceleration due to slow progress in cooling inflation. Although Fed forecasts predicted a mild recession starting later in the year, policymakers faced challenges in interpreting data that showed a tight job market and only slight improvements in inflation. Additionally, officials gr...
Post a Comment
Read more

EU business slide.

  S&P Global’s flash eurozone composite purchasing managers’ index, a key gauge of business conditions for the manufacturing and services sector, fell 1 point to 47.1, figures showed yesterday. That is its lowest level since November 2020 and the fourth consecutive month below the crucial 50 mark separating growth from contraction. One of the few bright spots in the survey was that companies in all sectors reported a slight easing of cost pressures, price growth and supply chain constraints. However, prices charged for goods and services still rose at the sixth fastest rate since such data started in 2002. Jobs growth increased marginally from October but remained low compared with the past 18 months. Following a few months of falling price pressure in manufacturing and services, the October print shows an overall stabilisation said Jens Eisenschmidt, chief European economist at Morgan Stanley. However, German businesses, at the hub of Europe’s energy crisis, reported that manu...
1 comment
Read more

India- UK trade deal.

  According to India's top trade official, talks with the UK regarding a trade agreement are progressing well, despite obstacles related to temporary work visas and the opening up industries like automotive and spirits. The Commerce and Industry Minister, Piyush Goyal, explained that India is seeking transition periods or greater market access in specific sectors due to its economy, which is slightly larger than the UK's and expected to outgrow it in the coming decades. If a trade deal is reached, it would be one of the most significant agreements for Britain since leaving the EU, and it would also be necessary for India, which surpassed the UK as the fifth-largest economy last year. Goyal stated that India aims to increase its economy from $3.5tn to $35tn by 2047, the country's centenary of independence. According to officials and diplomats in India, talks about a proposed trade deal may be finished by early September, just in time for the G20 summit in New Delhi. Nigel Hu...
Post a Comment
Read more