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The chances of seeing a new gigafactory built on the site of bankrupt company Britishvolt seem dead after it was revealed that a personal equity corporation is close to settling for the land.
Britishvolt spectacularly imploded last year after the company’s long-term savior, Recharge Industries, raided Australian tax authorities.
After months without paying, it now looks like the Northumberland site will have to be repurposed.
Private equity giant Blackstone is close to a deal for the land and has plans to build one of Europe’s largest knowledge centers.
The trustees’ proposed settlement will ultimately ruin any feigned hopes of building an electric car battery plant being built on the site.
On Monday, the official trustees of Britishvolt Properties revealed that they had reached a contract to sell it to a subsidiary of Blackstone, the US investment giant.
Blackstone said the 235 acres will now be redeveloped “to make it one of the largest knowledge centers in Western Europe. “
Northumberland County Council will present the plans next week.
– MP Ian Lavery (@IanLaveryMP) April 15, 2024
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 said knowledge center projects are expected to create more than 1,600 direct jobs, adding 1,200 long-term structural jobs.
Bob Maxwell, co-managing director of Begbies Traynor Group, said: “In a tricky situation, the long-term sale will be very bright for the site.
“The procedure of locating a reliable customer with a transparent and feasible plan for the long-term use of this strategically vital land asset came after the failure of the last company on site, and was a key element in securing approval from Northumberland County Council, which held features at the site.
This progression turns out to mark the end of an unfortunate saga, in which Britishvolt collapsed in a short time.
Australian company Recharge Industries took over the company after it collapsed in early 2023, but the company has since found itself at the center of controversy.
Last June, Car Dealer reported that the company’s offices had been raided following a tax investigation by Australian police.
Then, in August, we told them that Recharge had not yet made its final payment of £2. 5 million due to the buyback agreement.
Jack joined the car dealership team in 2021 as a copywriter. In the past he worked as a journalist for a national newspaper for the BNPS news agency. He has provided automotive news and reports for several national publications, including The Sun, The Times. and The Daily Mirror.
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