Thursday, June 6, 2019

News: Metalysis in administration

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Metalysis ltd, an innovative Rotherham-based company that has secured millions from investors in recent years, is looking for a buyer having called in administrators following financial difficulties.

The Manvers company holds the worldwide exploitation rights to the FCC Cambridge process which sees specialist powder metals created in a simple, cost effective process with significant environmental benefits. With a Materials Discovery Centre on the Advanced Manufacturing Park (AMP), also in Rotherham, the firm raised a further £12m last year ahead of the start of commercial production.

Commercial production began in September and marked the technology's ascension from a Cambridge University breakthrough, through more than a decade of development, to offering industrial scale production of demand driven, high value powder alloys for international aerospace, automotive, additive and advanced manufacturing applications.

It employs 60 people from its two sites.

Now Eddie Williams and Chris Petts of Grant Thornton UK LLP have been appointed joint administrators.

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The firm said that Metalysis has experienced financial difficulties predominantly due to an extended recent investment round. As a result of urgent liquidity issues the directors had no alternative other than to place the business into administration.

Eddie Williams, advisory partner at Grant Thornton UK LLP said: "Metalysis is a truly innovative UK business with a unique disruptive technology that urgently requires new ownership and further ongoing investment. Despite the directors' best efforts and significant global interest, the business could not continue to operate without the protection of administration.

"Our immediate priority and urgent focus is to work alongside a credible interested party to secure immediate investment as part of a sale process and we would encourage any parties with interest to contact the administrators. With that support, I would hope that the business can continue to operate and thrive."

Having successfully got up to industrial scale with its fourth generation plant (Gen4), work is underway on "Generation 5" - manufacturing options for thousands of tonnes per annum of high value metal alloy powders. It is designed to retrofit into an existing industrial site.

Metalysis website

Images: Metalysis

1 comments:

Anonymous,  June 10, 2019 at 10:50 AM  

Screwing over local small firms like mine for money owed as they got too far in front of themselves thinking they were the next big thing. Another waste of local funding that went into the back pockets of its leaders.

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