{"id":618933,"date":"2023-03-17T10:51:45","date_gmt":"2023-03-17T15:51:45","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/03\/17\/ng-bailey-owed-more-than-2m-by-collapsed-gigafactory-client\/"},"modified":"2023-03-17T10:51:45","modified_gmt":"2023-03-17T15:51:45","slug":"ng-bailey-owed-more-than-2m-by-collapsed-gigafactory-client","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/03\/17\/ng-bailey-owed-more-than-2m-by-collapsed-gigafactory-client\/","title":{"rendered":"NG Bailey owed more than \u00a32m by collapsed gigafactory client"},"content":{"rendered":"
\n

Britishvolt, the start-up electric vehicle battery manufacturer behind a \u00a33.8bn gigafactory in Northumberland, went under owing around \u00a3160m, it has emerged.<\/p>\n

A new report from administrators at EY shows that those owed money by the company included mechanical and electrical (M&E) giant NG Bailey, which is out of pocket by more than \u00a32m.<\/p>\n

The report shows that \u00a3500m-turnover specialist NG Bailey is owed \u00a3766,000 and facilities management and power engineering services firm The Freedom Group \u2013 which NG Bailey acquired in 2018<\/a>\u00a0\u2013 was owed \u00a31.25m.<\/p>\n

NG Bailey was a partner in the project, holding contracts at both the Northumberland plant and for a planned \u201cbattery cell scale-up\u201d facility in Warwickshire. It was also an investor in the company, although the exact value of its investment has not been disclosed.<\/p>\n

The report says NG Bailey is the 23rd-largest shareholder in the firm, owning 536,276 shares.<\/p>\n

Last week, Ashtead, the owner of construction plant rental firm Sunbelt Rentals, said in its financial results that it had written off a \u00a335m investment in Britishvolt, comprised of \u00a331m in equity and a \u00a34m convertible loan. According to the EY report, Sunbelt owned 997,340 shares in the company.<\/p>\n

An NG Bailey spokesperson said: \u201cLike many, we were disappointed to see Britishvolt enter administration. However, at NG Bailey we are still committed to playing our part in the decarbonisation of the UK economy.<\/p>\n

\u201cAs a business, we continue to have a very strong pipeline of work and high-quality forward-order book. We are looking forward to working with our partners and customers to continue driving forward the UK\u2019s transition to net-zero in the next year and beyond.\u201d<\/p>\n

ISG, which won a \u00a3300m design-and-build contract to deliver the factory at Cambois in December 2020<\/a>, is not owed anything. After being appointed to the job, its owner William Harrison joined the board of Britishvolt in March 2021<\/a>. A spokesperson for the contractor said it was paid in full for the work it delivered.<\/p>\n

Harrison is also the second largest shareholder in Britishvolt, via his company shares, holding 11.3 million as of 5 January, according to EY.<\/p>\n

A pause on the build of the factory announced<\/a> in August last year was one of the first external signs of the problems at Britishvolt.<\/p>\n

EY\u2019s report shows that it made a loss of more than \u00a3154m during its creation in 2019 until it went under in January this year<\/a>. It had aimed to raise \u00a3800m in equity in 2022 and a further \u00a31.7bn in the following years, but only managed \u00a3168m.<\/p>\n

It had secured a \u00a3100m UK government grant but did not meet the milestones in business development attached to the funding and so could not access any cash.<\/p>\n

Other companies owed money by Britishvolt include EY itself, which worked with the start-up on a potential rescue plan from last August, and is owed \u00a34m.<\/p>\n

A spokesperson for EY said it would not vote on any creditor resolutions that may be required as part of the administration process and will bring in a third-party company to carry out the liquidation of the company when it reaches that stage.<\/p>\n

\u201cEY will get the same return as other unsecured creditors,\u201d she added.<\/p>\n

Its report says that while it is currently unknown how much unsecured creditors will receive after the administration process, it is likely to be less than 1p in the pound.<\/p>\n

Consultants Gardiner & Theobald are another construction-related firm named among creditors, and are owed \u00a3335,870, the report says.<\/p>\n

Meanwhile, former employees of the company should receive any outstanding wages they are owed, the report adds.<\/p>\n

In February<\/a>, EY accepted a bid to acquire the majority of Britishvolt and most of its assets from Recharge, an Australian subsidiary of US firm Scale Facilitation Partners.<\/p>\n

The new report reveals the bid valued the deal at just \u00a38.6m. The final payment for the business is due to be received within the next month, it says.<\/p>\n<\/p><\/div>\n

Read More<\/a>
\n Ian Weinfass<\/p>\n","protected":false},"excerpt":{"rendered":"

Britishvolt, the start-up electric vehicle battery manufacturer behind a \u00a33.8bn gigafactory in Northumberland, went under owing around \u00a3160m, it has emerged. A new report from administrators at EY shows that those owed money by the company included mechanical and electrical (M&E) giant NG Bailey, which is out of pocket by more than \u00a32m. The report<\/p>\n","protected":false},"author":1,"featured_media":618934,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3767,42397],"tags":[],"class_list":{"0":"post-618933","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bailey","8":"category-collapsed"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/618933","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=618933"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/618933\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/618934"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=618933"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=618933"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=618933"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}