{"id":20506,"date":"2023-08-08T14:56:46","date_gmt":"2023-08-08T21:56:46","guid":{"rendered":"https:\/\/essential.construction\/news\/britishvolt-buyer-fails-to-make-final-payment\/"},"modified":"2023-08-08T14:56:54","modified_gmt":"2023-08-08T21:56:54","slug":"britishvolt-buyer-fails-to-make-final-payment","status":"publish","type":"post","link":"https:\/\/essential.construction\/news\/britishvolt-buyer-fails-to-make-final-payment\/","title":{"rendered":"Britishvolt buyer fails to make final payment"},"content":{"rendered":"

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Recharge Industries stepped forward to buy the firm out of administration in February giving hope that stalled plans for a \u00a3300m car battery plant in Northumberland could be resurrected.<\/p>\n

But an update from administrator EY claimed that payment of the final installment on the \u00a38.75m buyout deal has been missed and remains \u201cunpaid and overdue\u201d.<\/p>\n

A spokeswoman for Recharge Industries told the BBC<\/em> that the timing of the final instalment to be paid to EY depended on a \u201cfunding facility, which when closed will also cover the cost of the land acquisition\u201d and provide extra cash for the project.<\/p>\n

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She added that it expects to close the deal in August.<\/p>\n

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The new owners want to go-ahead with plans to build a \u00a3300m car battery plant in Northumberland where main contractor ISG paused construction work last summer when funding dried-up for the project.<\/p>\n

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