Britishvolt staves off collapse with five weeks of funding and steep staff pay cut

Electric vehicle battery startup still seeking buyer or longer-term investor to avoid administration

Britishvolt has said it has secured five weeks of funding and its 300 staff have agreed to take a steep pay cut, as the UK government-backed battery startup races to find a buyer or new longer-term investor to avoid collapse.

The company, which planned to develop a 3.8bn gigafactory" creating 3,000 jobs in the north-east of England, had been preparing to appoint administrators on Monday after the government refused to bring forward 30m in previously promised grant funding.