Private equity investor Greybull Capital is weighing up making a bid to acquire Britishvolt following an approach from EY, the administrators for the collapsed battery startup business, according to a report by The Finance Times.
Private equity investor Greybull Capital is weighing up making a bid to acquire Britishvolt following an approach from EY, the administrators for the collapsed battery startup business, according to a report by The Finance Times.
The report cites an unnamed sources as revealing that EY approached Greybull because of its track-record of investing in distressed industrial companies.
Greybull’s talks with EY over a deal for Britishvolt, which collapsed two weeks ago with debts of around £120 million, are said to be at a very early stage.
Britishvolt ran into trouble despite securing a promise of £100 million in funding from the UK government, after it failed to find car manufacturers prepared to place orders for batteries produced at a proposed manufacturing facility near Blyth in Northumberland.
Other companies reportedly interested in a deal for the business include Tata, the Indian conglomerate that owns Jaguar Land Rover, and DeaLab, an Indonesia-linked private equity firm, which put in an offer for Britishvolt before it went into administration.
