(Reuters) -British electric vehicle startup Arrival SA has appointed EY as administrators for two of its units, the consulting firm said on Monday.
Simon Edel, Alan Hudson and Sam Woodward of EY-Parthenon’s Turnaround and Restructuring Strategy team were appointed joint administrators of Arrival UK and Arrival Automotive UK, EY said.
The company, which has no revenue, has been struggling to get its business off the ground and secure funding to do so. It had raised going-concern-risk in November 2022 and has shed most of its workforce since then.
Arrival was in talks with EY about acting as administrator if it could not secure rescue funding, Sky News reported last month.
EY is exploring options to sell assets of the Arrival, including the company’s electric vehicle platform, software, intellectual property and R&D assets, EY and Arrival said.
Arrival said in late 2022 that it would shift focus to the U.S. market in an attempt to capitalize on the Inflation Reduction Act incentives and address a larger market.
(Reporting by Yuvraj Malik, Akash Sriram and Zaheer Kachwala in Bengaluru and Nick Carey in London; Editing by Anil D’Silva and Shweta Agarwal)
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