Rovco Limited trading as Beam - Administration

Rovco Limited trading as Beam, a Bristol-headquartered subsea technology firm with additional offices in Edinburgh and Westhill, entered administration on 1 May.

Beam is a leading deep technology company which used AI and autonomy on robotic ships and underwater robots to service offshore wind farms. Beam had a promising start, forming last year as a merger between Rovco and Vaarst and being ranked 40th in The Sunday Times 100 Tech list in January.

The company was seeking more than £100 million in funding, but took the decision to appoint David Shambrook and Damian Webb of RSM UK as joint administrators after the equity raise was unsuccessful and the company was unable to sell its business and assets on an accelerated basis. The majority of the workforce (162 of the 195 employees) have been made redundant.

National Westminster Bank and Kedge 44 Ltd have registered charges against the company.