Photograph by Sam Stephenson

Tevva Motors in talks with potential buyer

British electric truck manufacturer Tevva Motors Limited, which is currently in administration, is close to being taken over, financial advisor ReSolve has confirmed to Trans.iNFO.

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Tevva Motors went into administration on 6 June 2024 when Lee Manning, Cameron Gunn and Ben Woodthorpe of ReSolve were appointed as joint administrators.

However, a ReSolve spokesman told Trans.iNFO on 12 June 2024 that an exclusivity agreement had been signed with a prospective buyer with the aim of completing the acquisition in the coming weeks.

“We will endeavour to maintain all operations as usual in this interim period and are committed to finding the best possible outcome for Tevva Motors, its employees, creditors, and all stakeholders,” said the ReSolve spokesperson.

While details about the prospective buyer and the terms of the deal remain undisclosed, the administrators emphasised that they are still in the early stages of the process. More information is expected to be released as the situation develops.