The sale of collapsed EV firm Arrival has been delayed as potential buyers enter negotiations with administrators.
EY, the administrators responsible for the UK arm of the former Nasdaq-listed group, said after receiving non-binding offers it has progressed to a due diligence phase of the sales process.
According to the latest administrator’s report, the “timeline for this sales process has been extended to allow sufficient time for negotiations to continue on the transaction terms”.
The administrators are seeking a 12-month extension to meet the sales process requirements.
Prospective acquirers are currently holding management meetings, site visits and asset inspections.
In March it was revealed that Arrival UK collapsed owing more than £1bn across unpaid tax, wages, suppliers, and money owed to shareholders.
Among the groups owed cash from Arrival are AWS, Google Cloud and coffee provider Grind.
The administrators have so far sold £7.4m of “non-core assets” and have recovered £2.8m in debt owed to the company. The report also noted that of the 133 employees retained at the appointment of administrators, 90 remain.
Founded in 2015, Arrival hoped to revolutionise EV production with robotically operated micro-factories. After repeated losses following its 2021 IPO, it entered administration in February 2024.
The US, German and Spanish entities of Arrival have entered insolvency processes since the UK arm entered administration.
