© 2020 – 2024 AEA3 WEB | AEAƎ United Kingdom News
AEA3 WEB | AEAƎ United Kingdom News
Image default
IT

Britishvolt creditor prepares for worst with receiver appointment

The financial troubles at electric vehicle battery startup Britishvolt could be deepening after its creditor appointed a receiver in the event of the company entering administration.

Britishvolt – the startup building what would become the UK’s largest battery factory – has confirmed that Katch Fund Solutions, an investment group and creditor of Britishvolt, has brought in receivers as a pre-emptive move to protect its minority debt interest.

Britishvolt told Sifted that it is in “positive discussions with the intention of refinancing a payout to the secured creditor”.

Meanwhile, Katch said it will “actively work together with the management of the company to support a full refinancing of the Katch facility”.

The battery startup has been battling financial troubles in recent months, with the threat of administration looming after a race to find fresh funding.

Its problems were compounded when the government rejected a request from Britishvolt for an advance of £30m in previously committed financing.

The startup was able to stave off administration earlier this month, after securing short-term funding. Staff also agreed to a temporary pay cut.

The recent difficulties at Britishvolt contrast with a £40m fundraise and the unveiling of its planned West Midlands £200m battery research facility earlier this year.

The post Britishvolt creditor prepares for worst with receiver appointment appeared first on UKTN | UK Tech News.

Related posts

Tech entrepreneur Ian Hogarth to chair AI taskforce

AEA3

Alternative payments provider APEXX Global raises £20.8m

AEA3

Anne Boden founded Starling Bank scoops huge £272M, becomes a unicorn with £1.1B valuation

AEA3