Fri, 07 Jun 2019 | ADMINISTRATION
A specialist metals technology firm based in the Advanced Manufacturing Park in South Yorkshire has collapsed into administration, citing severe financial difficulties as the reason for its downfall.
Metalysis Limited was forced to call in professional advisory firm Grant Thornton UK LLP to handle the administration process, with advisory partners Eddie Williams and Chris Petts appointed as joint administrators.
Williams commented: “Metalysis is a truly innovative UK business with a unique disruptive technology that urgently requires new ownership and further ongoing investment. Despite the directors’ best efforts and significant global interest, the business could not continue to operate without the protection of administration.
“Our immediate priority and urgent focus is to work alongside a credible interested party to secure immediate investment as part of a sale process and we would encourage any parties with interest to contact the administrators. With that support, I would hope that the business can continue to operate and thrive.”
Established in 2001, Metalysis pioneers an electrochemical process to produce powdered metal to assist with the creation of electric vehicle batteries, 3D printing and for use in aerospace technology.
The company also champions the production of rare metals and alloys in a cheaper, faster and greener manner.
In total, Metalysis has received £92 million from investors - £12 million just last year – which include Woodford Investment Management and Draper Esprit PLC. Its most recent accounts on Companies House show revenue was £886,000 and a loss of £7.1 million.
Despite expanding on an industrial scale to commissioning the development of its fourth-generation plant (Gen4) in Manvers, the company experienced financial difficulties due to an extended investment round, forcing it to call in administrators.
Expressions of interest from potential buyers are invited immediately.
For more news stories about administrations click here. For all our administrations listings, click here.
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