EY, the administrators of Britishvolt, has claimed that Australian firm Recharge Industries has defaulted on its agreement after missing the final instalment of a total payment of £8.57m, which was due on 5 April 2023. 

“The sale to the buyer had not been completed as the final amount of deferred consideration was due to be paid on 5 April 2023,” EY told creditors last week. “The buyer purchased the company’s business and assets for £8.57m. This amount was payable in a number of instalments.

“The final instalment remains unpaid and overdue. As a result, the buyer is in default of the business sale agreement.”

Recharge Industries has denied the accusations, stating: “We dispute we are in default.”

The Australian start-up agreed to buy the defunct battery maker in February after Britishvolt’s appointed administrators at EY made the majority of the company’s 300 staff redundant following the firm’s collapse. 

Recharge Industries is owned and run by a New...