Catapult Venture Managers and Orbis Partners LLP, together with an invoice discounting facility provided by Fortis Commercial Finance, have backed the acquisition of the smart battery manufacturer Accutronics Ltd.
According to a statement, The transaction will get the company out of administrative receivership and save 47 jobs in Newcastle under Lyme.
Accutronics specialises in developing and manufacturing custom-designed batteries for high-end global OEM businesses operating in the medical, military and industrial electronics sectors.
Formerly owned by a Chinese state owned conglomerate and trading as Moltech Power Systems Ltd, the business slipped into administrative receivership in August when the parent company closed its battery operations in Shanghai and the USA.
Commenting on the deal, Accutronics’ Managing Director Robert Phillips, who has run the business for the last eight years, said: “The business has always been strong at delivering quality products and service to its customers. Now the business is under UK ownership with supportive partners there is a big opportunity to consolidate our market position and target new customers in Europe and the USA”.
A statement revealed that Catapult has invested £300k from its Catapult Growth Fund.