The manufacturer of home chargers for electric vehicles had been dealing with challenging market conditions. That said, the company’s downfall has been severely influenced by the widespread supply chain problems plaguing the global automobile industry.
Am Online reported that Will Wright and Nick Holloway from Interpath Advisory were chosen as Muller EV’s joint administrators on October 11, 2022. Immediately after their appointment, the joint administrators reportedly let go of 38 employees. Meanwhile, they have kept a few staff members to help them with their job.
Notably, Interpath Advisory was engaged by the directors to help them evaluate their options. It involves looking into alternatives for a potential sale of the business. Due to the failure of this process, the directors concluded there was no chance for the company to stay in operation. Consequently, they decided to put the company into administration.
Will Wright, head of restructuring at Interpath Advisory and joint administrator, said:
“Companies up and down the automotive supply chain have been experiencing a myriad of issues over the past 12 to 18 months, and Andersen EV was unfortunately no different.
“We will be providing assistance to those employees who have been impacted by redundancy and will also be seeking purchasers for the company’s assets, including plant and machinery.”
In hindsight, a variety of ‘premium’ home charger offerings with configurability were manufactured and installed by Andersen EV.
Under the cover name Project Kellock, information was disseminated to potential buyers. It implied that contracts with significant automakers like Jaguar Land Rover and Porsche would allow the company to experience rapid long-term growth.
Notably, the company only made £6 million in revenue the previous year.
Having to face never-ending obstacles and difficulties is common for all businesses. However, it is still disappointing news and a terrible situation for old and new staff, partnerships, and clients.