Saietta Sunderland Plant Limited (08242130): administration
- Status
- Administration ended
- Administration began
- 2024-03-04
- Administrators
- Lucy Winterborne, Samuel James Woodward
- Administrators' firm
- EY
- Formerly
- Saietta Motorcycles Limited; Agility Motors Limited
- Incorporated
- 2012-10-05
- Location
- Bristol
- Industry
- 29310 Manufacture of electrical and electronic equipment for motor vehicles and their engines
Why it went into administration
- Cash flow / liquidity pressure
- Creditor pressure / legal action
- Loss of a key customer, supplier or contract
- Parent or group failure
- Regulatory change or action
From the administrators' statement
Since SGP’s initial admission to trade on AIM in July 2021, it had diversified from a largely research and development (“R&D”) company focused on highly efficient electric motors, to a Group that developed full eDrive systems. During this period it established a manufacturing facility in Sunderland and also invested in the SVNA joint venture to focus on supply to the Indian market. SGP had also recently commenced production for a customer and was in the process of engineering bespoke solutions for other OEMs, with a view to securing future orders with them.
While the Group was expecting to benefit from these investments in R&D and diversification through future revenues, further funding was still required to fund losses during the period in which it scaled up and was forecast to become financially viable. On 19 October 2023, as part of its full year results and operational update to the market, SGP announced that it only had sufficient working capital funding to support operations to December 2023 and would be proactively engaging with stakeholders to explore financing opportunities, including raising equity.
EY was initially engaged by SGP on 13 November 2023 to assess the financial position and future prospects of the Companies, particularly with regard to liquidity concerns pending its proposed equity raise.
Administrators' statement of proposals (2024-05-07) · Companies House register