S&W Team Complete Asset Sale of Power by Britishvolt Properties

The Parent was incorporated in December 2019 to develop and manufacturer high-performance battery cells for the automotive industry.  With funding from the Parent, the land in Cambois was acquired and held by Britishvolt Properties with a view to being developed into the UK’s first gigafactory, with scope to contribute to the UK Government’s green industrial transformation plan as announced in 2019. Following the acquisition of the land, the Company incurred significant costs seeking the required permissions and preparing the site for construction of the gigafactory, including the acquisition and installation of a demountable site-office facility.  The Parent was placed into administration in January 2023 before any construction had started.  

Britishvolt Properties’ secured creditor appointed Receivers over the land in November 2022. The Receivers sold the land to Renaissance Land Limited (‘RLL’) in May 2024. 

The Joint Liquidators were subsequently appointed over the Company in July 2024 and established that ownership of the demountable office facility vested in the Company.  Specialist agents, Hilco Valuation Services, were engaged by the Liquidators to market the facility for sale.  Multiple bids were received and ultimately the facility was sold to RLL whose offer was the highest in value and ensured there was no requirement to remove the facility from the development site. 

Simon Jagger, Partner at S&W and Joint Liquidator, commented: “Given the uncertainty surrounding the future of these assets, we are very pleased to have completed this sale, and to the buyer of the site on which they are already located. This sale has not only enabled a distribution to the Company’s creditors but will also help the new owners to progress with their plans for the site, involving substantial further investment in a large construction project that should bring benefits to the local area.”