More than a dozen companies have expressed interest in buying Britishvolt’s Northumberland factory site, just hours after the battery group collapsed.
Britishvolt fell into administration on Tuesday after a last-ditch fundraising effort was blocked by its creditors. Its largest asset is a site in Blyth, north-east England, which was to have been the home of a £3.8bn battery gigafactory.
Businesses including FTSE 100 miner Glencore and Jaguar Land Rover owner Tata Motors have expressed interest in the site
Administrators at EY have been seeking buyers for the rump of Britishvolt’s business, but Katch Fund Solutions, a secured creditor of Britishvolt, has separately appointed Begbies Traynor as receiver over the Blyth site. Katch’s loan to the company was secured against the land, railhead and portable cabins at the site.
The preferred bidder for the Britishvolt site must be planning to build a battery manufacturing plant and have at least £150m of working capital, a requirement that needs to be met to access the government’s pledged £100m grant for the project.
