Private equity giant Blackstone is set to strike a deal to take over now-defunct Britishvolt in Northumberland, with plans to build one of Europe’s largest knowledge hubs.
The proposed deal through the trustees ends any lingering hopes that an EV battery factory will be developed on the site. Britishvolt had once ambitiously planned a £3. 8 billion gigafactory at the Blyth site before it collapsed early last year. Recharge Industries stepped in to save Britishvolt after the administration, but received a liquidation order last month.
On Monday, the official administrators of Britishvolt Properties announced that they had signed a contract to sell the property to a subsidiary of Blackstone, the American investment titan. Blackstone has revealed plans to turn the sprawling 235-acre site “into one of the largest knowledge centers in Western Europe. “
Council leader Glen Sanderson said the council’s cabinet would “indeed consider this unique opportunity for Northumberland, which gives a huge boost to the regeneration and renaissance of the region. “
He noted that the allocation of the knowledge center is expected to generate more than 1,600 direct jobs, adding 1,200 in sustainable roles in construction. If the deal goes through, Blackstone would take over the site on a long-term basis with a whopping £110 million earmarked for local development, plus an additional £20 million to take over the land.
Bob Maxwell, co-managing director of Begbies Traynor Group, said: “In a complicated situation, the long-term sale will ensure a very bright future for the site. The process of finding a reliable client who has a transparent and achievable plan for the long-term use of this strategically vital land asset was demonstrated after the failure of the last company on site and was a key factor in securing approval from Northumberland County Council, which owned the properties on the site.
Get our money-saving tips and offers delivered straight to your inbox with the Mirror Money newsletter