The company has been developing a £3.8bn gigafactory intended to produce batteries for electric vehicles, in Blyth, Northumberland, where it had hoped to employ up to 3,000 workers.

However, the group has been in emergency fundraising talks in recent weeks. The Financial Times reported that the company could slide into insolvency as soon as today (Monday). It is understood that Britishvolt has lined up advisers from accountancy firm EY to oversee the potential administration process.

The Government previously backed the firm's plans - at least, in terms of vocal support - for the gigafactory in January and had said that it would support Britishvolt with undisclosed funding, understood to be worth around £100m. However, the firm has yet to receive any of the promised funding.

However, Britishvolt has received tens of millions of pounds of financial backing from FTSE 100 metals firm Glencore, which saw its shares dip on Monday morning in light of the...