Administrators acting for Tevva Motors have issued a statement indicating a potential purchaser for the business has emerged and a deal to rescue the UK start-up truck builder could be concluded in the coming weeks.
UK start-up truck manufacturer Tevva Motors has announced it has called in the administrators at the beginning of June, following a failed search for new funding. A statement issued by the company on 06 June confirmed ”Tevva Motors Limited has entered Administration. Lee Manning, Cameron Gunn, and Ben Woodthorpe of ReSolve Advisory Limited were appointed as Joint Administrators on 6 June 2024. The Joint Administrators act as agents of the Company and without personal liability at all times,” the statement added.
Since the company statement was issued, the Joint Administrators have followed up with further information indicating a deal to rescue the business from administration was possible: ”The Joint Administrators are working closely with Tevva’s management and are in discussions with a potential purchaser to acquire the business, with a view to completing a transaction in the coming weeks,” said a spokesperson for the Joint Administratros. ”We will endeavour to maintain all operations as usual in this interim period and we are committed to finding the best possible outcome for Tevva Motors, its employees, creditors and all stakeholders. As we are still in the early stages of this process, we cannot share any further information at this time. An update will be provided in due course.”
