Britishvolt, the company that has been trying to develop an electric vehicle battery factory in north-east England, has called in administrators from EY after failing to find investors for a rescue bid.
The Northumberland-based company has filed for insolvency this morning and administrators from EY are being appointed, Proactive was told.
Management planned to tell its 300staff that rescue efforts failed before publicly confirmation on Tuesday afternoon.
A last-ditch effort to find investors in recent weeks saw potential interest from an Indonesia-linked consortium of investors, which apparently saw the company valued at just over 30mln, less than a tenth of its worth from a year ago.
High energy costs and rising interest rates have be…
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