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Volta, the electric truck start-up, has been bought out of administration by one of its biggest creditors but the bulk of its 600 UK workers are out of a job – for the moment at least.
Sky News revealed a week ago that Luxor Capital Group, which was both a shareholder in and lender to Volta, was in advanced talks with the company’s administrators Alvarez & Marsal (A&M).
The value of the deal was not divulged but it is typical in such circumstances for the business to have been snapped up for a token sum.
Volta collapsed in October after a failure to secure new funding.
Volta Trucks filed for bankruptcy in Sweden, where the company was headquartered, and later appointed A&M as administrators to its UK business days later.
It employed 600 staff at its main UK manufacturing, research and development facilities.
Sky News understands the vast majority of those employees lost their jobs and that a small number of staff, who were retained, will keep their roles under the new owner.
It is unclear at this stage if Luxor’s new ownership vehicle, Volta Commercial Vehicles Limited, will seek to hire back the staff who were let go.
Sky News was attempting to contact the company for further information.
A&M managing director Andrea Jakes said: “We’re pleased to have safeguarded the future of Volta Trucks by facilitating its acquisition by Volta Commercial Vehicles Ltd.”
The central driving position of its truck design cuts costs as the vehicles are suitable for use on the continent too
The UK business was seen as attractive to potential buyers given the race towards net zero to fight climate change.
The company had been conducting customer trials of its all-electric truck, the Volta Zero, in both the UK and on the continent, and had only recently opened a service hub in north London when it collapsed.
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The emission-free model, which has a range of up to 200 kilometres (124 miles), is designed for multiple deliveries within a large town or city.
It features a central driving position, saving costs by easing pressure on the manufacturing process by having no need for left or hand-hand drive versions.
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