A subsidiary of Blackstone Group has agreed a deal to acquire the BritishVolt site in Northumberland from the LPA receivers of the failed EV battery business for an undisclosed sum.
Blackstone, which is buying the 235-acre site from joint receivers Bob Maxwell and Julian Pitts of Begbies Traynor Group, intends to transform the site at Cambois, Blyth, into one of the largest data centre facilities in Western Europe.
The secured lender over the property assets of BritishVolt Properties was a fund managed by the Katch Investment Group, which appointed Begbies Traynor’s Maxwell and Pitts as LPA receivers in November 2022.
Maxwell said: “From a difficult situation, the future sale will ensure a very bright future for the site. The process of securing a dependable buyer who has a clear, deliverable plan for the long-term use of this strategically important land asset was crucial after the failure of the last business at the site, and was a key factor in gaining the approval of Northumberland County Council who held options on the site.
“This transaction ensures that a well-funded and respected new owner can bring the enterprise and employment to the site that it deserves, and will be a huge boost for the whole region. Its scale and location make it perfect as the location for a European data hub, and the plans put forward will hopefully kick-start an entire tech industry cluster in the North East from the site.”
Katch Investment Group was advised on the transaction by Gunnercooke Solicitors. Clarion Solicitors provided legal advice to the LPA receivers.
