Volta Trucks Ltd (12266688): administration
- Status
- Administration ended
- Administration began
- 2023-10-18
- Administrators
- Mark Granville Firmin, Andrea Jakes
- Administrators' firm
- Alvarez & Marsal
- Incorporated
- 2019-10-16
- Location
- Brighton
- Industry
- 29100 Manufacture of motor vehicles
Why it went into administration
- Cash flow / liquidity pressure
- Supply chain disruption
- Funding withdrawn / unable to refinance
- Sustained trading losses
From the administrators' statement
The Company was incorporated on 16 October 2019 and is a wholly owned subsidiary of Volta Trucks AB, a Swedish commercial vehicle company.
The Company’s primary activities relate to the development and design of the Volta electric truck, which is principally aimed at providing zero tailpipe emission commercial vehicles for urban use. The Company also undertakes certain central services on behalf of the Group, including finance, HR, procurement, marketing and IT services. As a result, it employed a large proportion of the Group’s workforce and the majority of suppliers to the Group contracted with the Company.
The Group had yet to launch the truck to market and therefore had not generated any revenue in the period prior to our appointment. A number of pilot trucks had been produced that were being used for testing and customer trials in Germany, France and UK under presale agreements with the respective local Volta entities. The Group had also started to enter into sale negotiations with customers and had been targeting a full launch of the product in late 2023.
Administrators' statement of proposals (2023-12-18) · Companies House register