Britishvolt: Fresh struggles for Cambois battery startup as creditor Katch Fund Solutions appoints receiver

The firm is planning to build a £3.8bn gigafactory for electric car batteries in Cambois, creating thousands of jobs in the region.

But its only secured creditor, Katch Fund Solutions, has appointed an LPA receiver.

This step is taken by creditors to protect their own position. The fund’s credit to Britishvolt is secured against a minority share of the site that Britishvolt intends to develop.

A spokesperson for Britishvolt said: “Britishvolt is aware that it's only secured creditor, Katch Fund Solutions, has taken action to protect its position by appointing an LPA receiver over the assets of its subsidiary,

Power By Britishvolt Properties Ltd., namely a minority debt interest in the land owned by Britishvolt.

“Britishvolt, Katch Fund Solutions and the appointed LPA Receiver are engaged in positive discussions with the intention of refinancing a payout to the secured creditor within the coming weeks.”

It is the latest obstacle in a challenging few weeks for Britishvolt, which secured short term funding last month to save the start-up from administration.

Staff at the firm have also agreed to take a temporary pay cut to help prevent the company from going under.

After £100m was promised by the government in January, the firm had asked for £30m to be delivered earlier than scheduled, but this request was refused.

After delays, the company is now not expected to start production until mid-2025.

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