ICSM New tech business news: concerns over Britishvolt’s structure, finance and management brushed aside before the inevitable collapse

ICSM New tech business news: concerns over Britishvolt’s structure, finance and management brushed aside before the inevitable collapse

By Harry Mottram: Anyone taking a cursory look at the background and history to Britishvolt will have seen a disaster in the making. And for the 300 staff, the long list of suppliers left in the lurch and for British manufacturing it is certainly that.

The UK e-vehicle battery start-up manufacturer has collapsed into administration with EY taking charge of the process which is unlikely to see a buyer as so far not one battery has been sold although samples have been made. Based near the Port of Blyth in Northumberland the £4 billion pound enterprise failed to find a big car maker to back it despite being heralded by the Tory Government as being the future of motoring.

The factory was yet to be built meaning the day when batteries were sold was years away. The management had plush offices in London and their spending came under media scrutiny when they leased a £2.8 million pound mansion with an indoor swimming pool. Investors also took fright when the Government pulled a £100 million pound support package over how things were being run. In 2020 co-founder Lars Carlstrom quit as the chairman after details of a tax fraud conviction in Sweden emerged. ICSM's Ian carrotte said eyebrows were raised over the way the project was being un last year and his concerns and those of others were brushed aside. Ian Carrotte said: "Because everyone kept saying this was the future of motoring and the Germans and other nations are busy building battery factories suppliers assumed it couldn't fail. Sadly those concerns were ignored and the business was built on ego and not sound on sound finances."

Now suppliers must wait to see if any of their invoices will be paid and the large field in the North East remains devoid of a factory that originally was suppose to have a workforce of 3,000.


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