The future looks bleak for UK zero emission truck start-up Tevva Motors, as hope of securing a buyer for the business and assets of the company fails and majority of staff are layed off.
Tevva Motors, which appointed Lee Manning, Cameron Gunn and Ben Woodthorpe of ReSolve as Joint Administrators in June, looks set to pull the shutters down, according to an update received from the administrators of the business. Following the notification the business had been placed into administration on 06 June 2024, the company looked like it may be set for a rescue bid.
In a statement released by ReSolve at the end of July, however, those discussions are over. The majority of staff have been made redundant and the companies’ assets are set to go under the hammer.
”In the first few weeks of our appointment, we were in an exclusivity agreement with a potential purchaser with hopes of progressing a sale of the business and assets, including a transfer of employees,” said a ReSolve spokesperson. ”Unfortunately, we were unable to agree a sale with that purchaser and, when the exclusivity period ended, the majority of staff had regrettably to be made redundant.
The statement continued: ”We are still undertaking discussions with interested parties whilst we prepare for an auction process of the companies’ assets and we expect this process to complete within a period of 1-2 months. We are working hard to achieve the best outcome for creditors and stakeholders and supporting the former employees in navigating the redundancy process.”
