A deal has been agreed to sell the site of failed EV battery business Britishvolt in Northumberland to a US private equity giant.
The site in Cambois, which was formerly known as Blyth Power Station, is to be snapped up by a subsidiary of Blackstone Group.
The joint LPA receivers of the property assets of BritishVolt Properties Ltd, Bob Maxwell and Julian Pitts of Begbies Traynor Group, have overseen the deal which has been in the works for 15 months. The deal has been agreed for an undisclosed sum.
The transaction marks a new chapter for the 235-acre site, which will now be transformed by Blackstone into one of the largest data centre facilities in Western Europe.
The secured lender over the property assets of BritishVolt Properties Ltd was a fund managed by the Katch Investment Group which appointed Begbies Traynor’s Bob Maxwell and Julian Pitts as LPA receivers in November 2022.
Katch Investment Group was advised in the transaction by Simon Etchells and Graham Reid of Gunnercooke Solicitors, and Philip Mudd of Clarion Solicitors provided legal advice to the LPA receivers in the transaction.
“A well-funded and respected new owner”
Bob Maxwell of Begbies Traynor Group said: “From a difficult situation, the future sale will ensure a very bright future for the site.
“The process of securing a dependable buyer who has a clear, deliverable plan for the long term use of this strategically important land asset was crucial after the failure of the last business at the site, and was a key factor in gaining the approval of Northumberland County Council who held options on the site.
“This transaction ensures that a well-funded and respected new owner can bring the enterprise and employment to the site that it deserves, and will be a huge boost for the whole region.
“Its scale and location make it perfect as the location for a European data hub, and the plans put forward will hopefully kick-start an entire tech industry cluster in the North East from the site.”
Britishvolt entered administration in January 2023 after last-ditch rescue talks collapsed with several investors.
The moves made the majority of its 300 staff redundant, with the battery start-up filing for administration after its board ultimately decided there were no viable bids to keep the company afloat.
The future of Britishvolt had been in doubt for months, after it failed to secure further Government funds last October to build its £3.8bn gigafactory in Northumberland.
The following month, the company was bought by Australian firm Recharge Industries.