Flybrid Automotive Limited (06025271): administration
- Status
- Administration ended
- Administration began
- 2017-12-12
- Administrators
- Adrian David Allen, Nicholas John Edwards
- Administrators' firm
- RSM
- Formerly
- Flybrid Racing Limited; Flybrid Systems Limited
- Incorporated
- 2006-12-11
- Location
- Milton Keynes
- Industry
- 72190 Other research and experimental development on natural sciences and engineering
Why it went into administration
- Sustained trading losses
From the administrators' statement
Brief background
The Company was incorporated on 11 December 2006 and was based In Silverstone, Northamptonshire. It developed mechanical flywheel technology as a means to store and release power in cars, buses, and earth moving equipment. At the time of the Joint Administrators’ appointment, the Company had completed various projects, which were mostly grant funded, but had not yet reached a stage whereby it had a product ready to be sold more widely.
In 2015 the Company was sold by its former owners, Jon Hilton and Doug Cross, to Torotrak Ple (“Pic”), which was a listed company operating in the engineering sector. Subsequently a debenture was created in favour of Jon Hilton and Doug Cross (together the “Chargeholders”) giving them a fixed and floating claim over the assets of the Company. Jon Hilton remained as a director of the Company following its sale
Administrators' statement of proposals (2018-02-14) · Companies House register