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Britishvolt administrators move to liquidate failed gigafactory firm

2025-05-29 21:50:08 By

Undated artist impression issued by Britishvolt of their first full scale UK battery gigaplant in Northumberland.

The company that tried to build an electric battery gigafactory in the North East and create thousands of jobs will be formally put out of business after its administrators signalled moves to liquidate the firm.

It had been hoped that Britishvolt would create 3,000 direct jobs and another 5,000 in its supply chains after it outlined plans in 2020 for a massive factory on site of the former Blyth Power Station coal yards.

But the company went into administration last year after failing to raise the funds needed to keep it going. Attempts by Australian firm Recharge Industries to take over the project also foundered after it was unable to pay the full £8.6m needed to take over the company.

In the meantime, Northumberland County Council took back control of the site and has sold it to American investment giant Blackstone, which will invest up to £10bn into the site to create a campus of data centres through its subsidiary QTS. The new plan will create far fewer jobs - with hundreds of people expected to work in the data centres once they are operational - but the council has agreed a £110m payment that will be earmarked for job creation schemes in the county, particularly the area around the new Northumberland rail line.

New documents have been published by administrators EY which confirm that Power by Britishvolt Limited is being moved to a creditors’ voluntary liquidation. Those documents reveal that the administrators have paid HMRC and former employees, and that there are sufficient funds to pay Britishvolt’s unsecured creditors.

The termination of Britishvolt as a company brings to an end one of the more unusual business stories of recent years. Not long after Britishvolt announced it wanted to set up a gigafactory at Cambois, the project hit its first problem when its founding chairman had to step down over revelations about his past.

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UK and South Korea resume trade talks focusing on tech and digital services expansion

2025-05-29 21:50:08

The UK has recommenced trade negotiations with South Korea, with a focus on enhancing technology and digital services sectors. British representatives have travelled to Seoul for discussions with their South Korean counterparts today, as they seek to forge a forward-looking, digitally-oriented trade deal, as reported by City AM. This marks the first round of talks under the Labour government since the trade discussions were put on hold during the transition period after the July 4 election. Speaking to City AM, Business and Trade Secretary Jonathan Reynolds said: "Both the UK and South Korea are renowned as global leaders in technology. Our high-tech economies have so much more we can do together once our trade deal is upgraded." He added: "Trade deals with partners like South Korea mean UK businesses will have more opportunities to sell their excellent goods and services around the world." Reynolds expressed satisfaction that negotiators are resuming this vital work, which contributes to building a stronger economy. According to officials, the UK-South Korea trade relationship was valued at approximately £17bn in the year leading up to June 2024, with these talks being the third set to restart following Labour's electoral victory, succeeding discussions with the Gulf Cooperation Council and Switzerland. The government is determined to secure a deal that opens significant export avenues for British companies, especially given South Korea's growing consumer demand for high-tech imports. Diplomatic ties spanning 140 years are set to be rejuvenated, with the Department for Business and Trade (DBT) emphasising the need to refresh the decade-old trade agreement between the two nations, particularly citing an absence of a digital chapter in the current framework. In 2022, the UK's thriving digital sector boasted a value of £158.3 billion, with roughly 7,000 British firms exporting to Korea - 85% of which are SMEs. Officials are optimistic that a revised agreement could potentially boost this number through modernised customs processes, alongside planned talks on simplified origin rules and the prospect of lower tariffs. TechUK's Sabina Ciofu has expressed support for a "renewed commitment" towards trade discussions, highlighting significant potential in advancing digital services and technology trade, areas where UK innovation excels globally. "With South Korea's strong focus on research and development in key technologies, including semiconductors, 6G, and ICT infrastructure, this offers a unique chance to drive forward high-tech advancements and strengthen our global digital capabilities," Ciofu conveyed to City AM. Adding to the positive sentiment, Chris Sunghwal, CEO of SeAH Wind, a South Korean energy company, commended the opportunities ahead for "enhanced relations between our two great nations". He endorsed the establishment of the new monopile factory in Teesside, hailing it as "a world class leading facility, bringing together the best of both cultures from South Korea and the UK".

Chancellor announces major investment in UK tech and creative sectors in Autumn Budget

2025-05-29 21:50:08

The Autumn Budget, presented by Rachel Reeves on Wednesday, proffered substantial backing for the UK's technology and creative sectors, with the Chancellor outlining capital investment strategies intended to "drive growth across the country." In her budgetary plans, Reeves articulated the intention to "capitalise" the National Wealth Fund, targeting support towards bustling future industries such as gigafactories, ports, and green hydrogen production, as reported by City AM. These initiatives are encapsulated within an expansive Modern Industrial Strategy, which aims to bolster sectors identified as having significant growth prospects through judicious investment. To reinforce these ambitions, the Budget set forth a collection of multi-year funding promises: £1 billion earmarked for aerospace, in excess of £2 billion channelled into the automotive industry focusing particularly on electric vehicle manufacture, and as much as £520 million dedicated to establishing a new Life Sciences Innovative Manufacturing Fund. Alongside invigorating tech and industrial segments, Reeves channelled improvements into tax incentives for the nation's thriving creative industries, with particular enhancements for VFX in television and film production. Moreover, £25 million has been designated to the North East Combined Authority for the transformation of the Crown Works Studios site in Sunderland, a project forecasted to generate 8,000 fresh employment opportunities. Reeves has reaffirmed the government's dedication to research and development, allocating over £20 billion for research funding in areas such as engineering, biotechnology, and medical science. Moreover, the Chancellor has pledged £500 million to enhance mobile broadband connectivity, particularly in rural regions, through the Department for Science, Innovation and Technology (DSIT). Additionally, Reeves has committed an extra £22.6 billion to the NHS budget, aiming for a two per cent productivity gain next year. This investment is intended to support the health service's transition "from analogue to digital" over the coming decade. Mark Leftwich, Philips UK & Ireland's managing director, expressed his support for the new funding, stating it "is a chance to start pulling the NHS back on track." "State-of-the-art technology is changing the way that care is delivered in pockets, but increased investment in digital and innovation is needed to accelerate this at scale," he commented.

Greater Manchester businesswomen named among Britain’s top Black entrepreneurs

2025-05-29 21:50:08

A Manchester robot specialist and a Salford children's entertainment creator have been named as Britain’s top Black entrepreneurs. KPMG has announced the four winners of its annual Black Entrepreneurs’ Awards, which have been held every year since 2018 and aim to identify the country’s most exciting business leaders. The winners were chosen from more than 150 entrants in areas from AI to retail and from recruitment to education. Each winner will receive £25,000 to invest in their business or to donate to the charity or community project of their choice, while all finalists can join a KPMG acceleration programme “designed to support Black heritage entrepreneurs and their businesses to grow”. The award for most promising large business was won by Ayaan Mohamed, founder of Manchester’s Digitech Oasis. Her business develops autonomous mobile robots and AI systems to help retailers and warehouse operators work more efficiently. She said: “It feels amazing to win, it means a lot to the company, a company that has come so far in the last four years. In terms of accelerating growth, hardware is very capital intensive so we need support. I think it will propel us to do greater things.” The award for most promising medium-sized business went to Anita Frost, founder of Green Bean Studios in Salford. The eco-conscious children’s entertainment brand aims to “empowers children globally to play, learn and go on fun adventures”. Anita said: “I’m so excited to have won this KPMG award, it’s going to propel Green Bean, the team and the brand into new spaces. I’m particularly really excited about the partnership with KPMG for 12 months so that we can improve our infrastructure and being ready to level up.” The most promising small business title was won by Yasmin Greenaway, founder at deep tech company Dermie.AI. Her London business specialises in building computer vision models and software for the detection and management of dermatological disease. Yasmin said: “I really appreciate winning because it’s so important that corporates ensure that we focus on diversity in AI because we’ve seen a lot of models coming out that aren’t working for everyone.” The most promising not-for-profit-business title went to Ben Lindsay OBE, founder at award-winning charity Power The Fight. The charity works to tackle violence affecting young people, working to connect policy-makers with communities and to create long-term solutions. Ben said: “I’m so excited that we’ve had this opportunity, it’s going to mean so much to us as a small charity to be associated with KPMG, but also the money makes such a difference to our digital offer which is going to impact young people and our training up and down the country.” The awards were founded by Olu Odubajo, a product manager at KPMG UK, in 2018. They have so far supported 48 Black heritage founders – with one winner going on to grow a global business valued at £12m with a presence in 27 countries. The 12 finalists at this year’s awards were invited to a pitch in front of live audience and a judging panel that included Margaret Sheyindemi, start up growth manager at BT, Ezechi Britton, MBE, CEO of the Centre for Finance, Innovation and Technology, and Zuleika Philips, head of channels at Intuit. Euan West, head of private enterprise for KPMG in the UK, said: “Research has shown that Black entrepreneurs in the UK receive a disproportionately low amount of venture capital investment, which often hinders business and economic growth. “Supporting the development and scaling of Black businesses in the UK is incredibly important, which is why we’re committed to helping more Black Heritage entrepreneurs to gain access to the resources they need to make their businesses a success. “We have been running the KPMG Black Entrepreneurs’ Awards for five years now. Every year we get to see some truly incredible and innovative businesses and this year has been no exception. Our four winners really stood out, not only for their entrepreneurship but the impact and reach their businesses could have. In fact, all the finalists showed great innovation in their businesses and should be proud of what they have achieved. We are looking forward to supporting all of them through our 12-month acceleration programme, helping them to grow their businesses.”

Tech firm Kromek remains loss-making despite record revenues

2025-05-29 21:50:08

North East technology company Kromek has reported record results but remains loss-making and has lined up new funding from one of its main shareholders. The County Durham firm makes radiation and bio-detection equipment and has made headlines for the use of its products at high profile diplomatic events, as well as on the battlefield in Ukraine. It has often been named as one of the country’s most innovative companies due to its high number of patents, but it has struggled to fully commercialise its technology and is yet to declare a profit since being founded as a spin-out from Durham University research in 2003. In new results for year ending April 30, Kromek said its revenue increased 12% to £19.4m and it achieved positive adjusted Ebitda of £3.1m. But it remained loss-making, though the loss before was more than halved from £7.3m last year to £3.5m. Its cash position worsened to stand at £500,000 but it also announced a new £4.9m loan from Polymer N2, an investment vehicle controlled by Dr Graeme Speirs, an existing shareholder who already provides finance to the firm. Kromek CEO Dr Arnab Basu said: "This has been a pivotal 12 months for Kromek where we recorded a third consecutive year of revenue growth and delivered on all our KPIs. We achieved record revenues, more than halved our losses and our positive adjusted Ebitda exceeded market expectations. “We have actively enhanced our operational efficiencies and seen excellent progress in both advanced imaging and CBRN detection where demand remains strong across both market segments. We expect to be broadly cash neutral in H1 and are comfortable that we have sufficient capital to deliver further growth in 2025. "Looking ahead, we anticipate demand for our CBRN products will continue to be driven by global geopolitical insecurity and the persistence of nuclear threats…Consequently, Kromek is well positioned to deliver future growth and value for shareholders." Kromek said it had seen significant progress in its medical imaging operations, including a $2.1m order in the US from an existing customer. It added that global insecurity continued to drive demand in its nuclear security products and in biological threat detection.

Sunderland cyber security firm seals £625,000 investment to trigger growth

2025-05-29 21:50:08

A North East cyber security business has become the first to secure investment from the Venture Sunderland Fund. FAT32 has secured a £625,000 finance deal, which includes £350,000 from the fund which was launched earlier this month by fund managers Northstar Ventures. The Sunderland business is making changes in the regulatory tech industry, helping to transform cyber-security compliance from a lengthy chore to an effortless process, with potential cost savings of up to 70%. The business says customers using its flagship OneClickComply tool can complete compliance tasks up to 20 times faster than traditional methods, putting it in a strong position to perform well in a cyber-security market estimated to be worth £11bn in 2023 – a figure set to almost double to £20bn by 2029. FAT32 was formed by Connor Greig, Conor Sizeland and David Warren, who share a passion for emerging technologies and have used their collective experience in software engineering and cyber security to create the solution. The founding team are supported by chairman Kelvin Harrison, former chair of Sunderland-based Clixifix and advisor, Jamie Whitcombe-Jones, ex CISO at Allianz. Northstar Ventures’ investment comprises £350,000 from the Venture Sunderland Fund and £200,000 from the North East Innovation Fund, supported by the European Regional Development Fund, with the rest coming from angel investors. The funds will aid development of the firm’s software while also support the expansion of the team. Co-founder Connor Greig said the company has ambitious aims to generate high-skilled jobs in Sunderland, adding to the growth of the of the cyber security cluster in the wider region. He said: “FAT32 is delighted to be the first investment from the Venture Sunderland Fund. We are truly passionate about levelling up the North East by creating skilled digital jobs in the region and are thrilled to be working with Northstar Ventures to do just that. “Cyber security is a pressing challenge that affects us all, and keeping on top of it is increasingly difficult due to the ever-evolving threat landscape. That’s why at FAT32, we have automated cyber security compliance to make it easy and affordable for all businesses. Our platform is the first to combine continuous monitoring with automated remediation. We highlight non-compliance issues and fix them automatically, helping companies navigate their compliance journey within a click, with no cyber experience required.”

Virgin Media O2 divests further stake in Cornerstone Towers to Equitix for £186m amidst revenue dip

2025-05-29 21:50:08

Virgin Media O2 has confirmed the divestment of a portion of its stake in Cornerstone, the mobile towers joint venture, to infrastructure investment firm Equitix for a sum of £186m. The transaction reduces the telecommunications company's holding to just above 25%, following the sale of an 8.33% share. This is part of a larger 16.66% interest in a parent entity that possesses half of Cornerstone, as reported by City AM. Equitix's Chief Investment Officer Achal Bhuwania described Cornerstone as "the UK's largest telecom tower portfolio" and a piece of "critical national infrastructure which is central to our mandate to invest in core infrastructure." This move is reflective of a broader pattern within the telecom sector where businesses are looking to reduce debt and generate capital for significant investment initiatives. Last year, Virgin Media O2 engaged in a comparable transaction, offloading a 16.67% stake in Cornerstone to GLIL Infrastructure, a firm supported by British pension funds, netting £360m. Lutz Schuler, CEO of Virgin Media O2, remarked that this additional divestiture "follows the same logic and strategic rationale as our previous deal, allowing us to successfully monetise our infrastructure while retaining a controlling share in an important asset". He further noted that the company's deployment of 5G and fibre networks is advancing rapidly, with investments totalling £1.5bn directed towards network enhancements this year alone. In the third quarter, the fibre network expansion extended to an extra 281,100 premises, marking a 44% increase from the previous year, while 5G now covers 68% of the UK population. However, the telecom company, jointly owned by Liberty Global and Spain's Telefonica, also disclosed today a 2.4 per cent decrease in third quarter revenue, now standing at £2.7bn, attributed to a drop in handset sales. Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) also suffered, falling 4.1 per cent year-on-year to £1bn, a decline the company ascribed to increasing investments in key growth sectors.

Founder of AI firm working with Google and Zoom named among UK's 'most ambitious' bosses

2025-05-29 21:50:08

The London-based founder of a fast-growing AI company has been named one of the "most ambitious" bosses in the UK. Yomi Tejumola established Algomarketing 2017 while working as a data scientist at Google to automate "mundane" tasks. The business now operates in 27 countries across six continents and counts tech giants Cisco, Google and Zoom among its customers. Mr Tejumola was recognised in a list of the top 50 most ambitious leaders of 2024 by LDC - an arm of Lloyds Bank - in partnership with the Times. All the entrepreneurs featured in the rankings are at the helm of high-growth companies that are creating jobs, promoting social equality, championing sustainability or expanding internationally. “It’s an incredible honour to be recognised as an LDC Ambitious Business Leader this year," said Mr Tejmola. "Since starting this journey in 2017, I’ve been on a mission to restore joy to the world of work. Through Algomarketing, I’ve built a global network of 200 Algos (or marketing super talent) who we deploy into big tech brand marketing operations globally. "By unlocking the power of algorithmic marketing, we can remove the 80% repetitive and mundane tasks that many marketers experience in their day-to-day roles. I'm striving to build a future where marketers leverage AI and automation to not only make them more productive, but improve their work-life balance, creativity, and general wellness." Algomarketing generates 65% of its revenue from outside the UK and has said it expects to reach a turnover of £150m by 2030.

UK competition watchdog launches probe into Alphabet's Anthropic investment

2025-05-29 21:50:08

The UK's Competition and Markets Authority (CMA) has officially launched an inquiry into the merger between Alphabet Inc. , Google's parent company, and AI safety firm Anthropic. The regulatory body had sought opinions on the deal earlier this year and confirmed on Thursday that it now has "sufficient information" to proceed with a formal probe, as reported by City AM. In a pivotal move for the AI sector, Alphabet channelled $500 million into Anthropic in 2023, alongside a future commitment of $1.5 billion over an undefined period. In addition, Anthropic relies on Google Cloud as part of its operational infrastructure. Anthropic is renowned for developing Claude, a sophisticated large language model that vies with OpenAI's ChatGPT. The CMA is tasked with determining by 19 December 2024 whether the Alphabet-Anthropic merger requires a deeper phase two investigation. Requests for comment from both Alphabet and Anthropic were not immediately returned. A previous statement from a Google representative emphasized the tech giant's dedication to cultivating a broadly accessible and innovative AI environment. They stated: "Google is committed to building the most open and innovative AI ecosystem in the world. Anthropic is free to use multiple cloud providers and does, and we don't demand exclusive tech rights." An official from Anthropic had also previously indicated the company's intent to engage fully with the CMA to present a comprehensive view of their collaboration with Alphabet. Another significant player, Amazon, made a substantial $4 billion investment in Anthropic last year and bolstered its stake recently with an additional $2.75 billion. This regulatory scrutiny comes as part of a broader action from the CMA, which, in April, initiated three separate investigations into partnerships between Microsoft, Amazon, and three different AI startups, including Anthropic.

GB Group shares soar after interim trading results beat estimates

2025-05-29 21:50:08

Shares of GB Group, the London-listed tech firm, soared 11 percent on Thursday morning following the announcement that its interim trading figures had surpassed expectations. The identity verification and location intelligence service provider reported first-half revenues of approximately £137m, a modest increase from the previous year's £132.4m and slightly above Peel Hunt analysts' projection of £135.5m, as reported by City AM. Adjusted operating profits showed a robust 21 percent uptick year-on-year, reaching £29m and topping analyst forecasts by two percent. On a constant currency basis, the combination of GB Groups two main sectors, identity and location, demonstrated a growth of 6.8 percent. Dev Dhiman, who stepped into the chief executive role earlier this year, had set forth four strategic priorities for the Chester-based company: simplifying operations; achieving global alignment; fostering a culture oriented towards performance; and speeding up the pace of innovation. "We have made encouraging progress in each of these areas," Dhiman said, "and this is translating into our performance with strong pipeline execution, ramp-up with a number of important customers, and some significant customer win-backs reinforcing our market leadership position in identity fraud and location software," he elaborated on the company's advancements.

Singapore's Winking Studios eyes London AIM market for dual listing, expansion plans

2025-05-29 21:50:08

Winking Studios, the gaming behemoth from Singapore, has revealed its intention to float on the London Stock Exchanges AIM market in a move aimed at consolidating its presence in Western economies. The firm, which is already a fixture on Singapore's Catalist board, views the dual listing as an opportunity to access the substantial tech investment resources of the UK and foster expansion within the "fast-growing industry", as reported by City AM. Since its inception in 2004 by CEO Johnny Jan, Winking Studios has ascended to become a leading name in game art outsourcing, securing the third position in Asia and fourth worldwide by revenue. Possessing an impressive global reach with nine offices throughout Asia and partnerships with 22 out of the top 25 global game developers such as Ubisoft, EA, Activision, and Tencent, Winking Studios has made significant contributions to blockbuster franchises including FIFA, Call of Duty, and Assassin's Creed. Choosing the UK capital for its strategic move, Jan remarked: "London feels like the obvious choice," acknowledging the city's comprehension of the global gaming sector and its propensity for supporting growth-driven international companies like theirs. Expanding on this, Jan added: "We believe Winking Studios has a significant opportunity to expand its presence globally, and dual listing on AIM will further support our global ambitions and position us to accelerate growth." "Operating in a fast-growing industry, with a proven track record of delivery and relationships with the majority of the world's biggest game developers, we plan to build on our success to date and capitalise on the fragmented nature of the industry landscape to drive future growth," Jan added. Winking plans to utilise its existing cash reserves of over $30m (£23.1m), along with the capital raised through the AIM listing, to expand its presence in Europe and North America, establish a UK regional hub, and pursue acquisitions of smaller studios in these regions. The company also aims to enhance its AI capabilities to maintain competitiveness in the gaming sector. This announcement comes after the recent delisting of British video game developer Keywords Studios from AIM following its acceptance of a take-private offer of £2.2bn. Earlier this week, reports revealed that the number of AIM companies has fallen below 700 for the first time since 2001, as London's junior market suffered amid rumours that the Chancellor might eliminate a key tax relief for AIM shares in her Autumn Budget.