Thu, 14 Dec 2017 | ADMINISTRATION
A firm that develops and designs innovative energy storage systems based just off the Silverstone Circuit has been put up for sale after entering administration this week.
Flybrid Automative Limited, a specialist in flywheel technology and other products used to capture and store wasted energy from machines, called in Adrian Allen and Nick Edwards from RSM Restructuring Advisory after its parent company, Torotrak, announced it too was appointing administrators earlier in the month.
The company, which is located in Northampton just next to the famous Silverstone racing circuit, designs mechanisms called flywheel modules which are combined with electric motors or hydraulic pumps in a range of different settings, including off-highway vehicles, power generation, commercial vehicles, automatic and rail.
The technology can allow road vehicles to consume less fuel and accelerate much faster than conventional engines and provide long-lasting, uninterrupted power supplies for commercial use.
Founded in 2007, Flybrid describes itself as a the “leading” provider of these products and currently holds 90 patents for them.
Its parent company Totorak, an automative engineering company, appointed administrators from Deloitte in this month after trading of its shares on the London Stock Exchange were suspended on 7 December. Despite attempts to secure refinancing for the company to address money troubles, efforts were not successful.
Allen and Edwards say they are prioritising a sale of Flyrbid as a going concern, and have encouraged any interested parties to get in contact as soon as possible.
Allen added: “We believe the Intellectual Property owned by this company has real potential. We are now urgently seeking a buyer to allow the core of the business to continue.”
The company provides a range of forklift truck solutions including sales, repairs, servicing, manufacturing and hire. Designs and manufactures its own branded forklifts with an extensive product range including reach trucks, order pickers and tow tra...
LEASEHOLD
Multiple opportunities for growth and international expansion. Operates from leasehold premises. Our clients are offering the business for sale to facilitate further growth under the impetus of new ownership. Offers invited.
LEASEHOLD
Modern, well-positioned UK-based freehold premises to be included in sale. Genuine scope for further growth with development of existing product range and the addition of a sales function. Offers invited.
FREEHOLD
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