AMTE Power PLC and AGM Batteries Ltd - Administration

AMTE Power PLC and AGM Batteries Ltd, a Thurso-based battery manufacturer, entered administration on 19 January after a lender declined to advance funds under a loan and the company was unable to secure financing in the time available.

Richard Bloomfield, Michelle Elliot and Ian Corfield of FRP Advisory were appointed as joint administrators and are reportedly in advanced discussions with a party regarding a transaction that could enable the transfer of staff and sale of the business. 

Arena Investors LP has a registered charge against the company.