Global Restructuring and UK Administration of an EV Charging Technology Business

Overview

Moorfields acted as advisers to Tritium Technologies’ UK sales and service operation, an electric vehicle (EV) charging business forming part of a global, publicly listed group with annual turnover of approximately $200 million.

The group encountered financial distress that led to a global restructuring process, including the appointment of Australian receivers. Moorfields advised the UK company and worked closely with the Australian receivers and group stakeholders throughout the process. The global sale — including the UK operations — was completed prior to the UK administration.

Following completion of the global transaction, Moorfields were appointed as administrators over the UK entity to implement the post-sale transition in an orderly and compliant manner.

Objectives

Moorfields’ objectives throughout the engagement were to:

Support the successful completion of the global sale of the group

Preserve the going concern value of the UK operations

Protect employment and ensure continuity of the UK sales and service business

Work collaboratively with Australian receivers, secured lenders, and group advisers
Deliver an orderly UK administration following completion of the global transaction

Moorfields’ Actions

To achieve these objectives, Moorfields:

Acted as advisers to the UK business during the global restructuring and sale process

Worked closely with the Australian receivers and group advisers to coordinate the UK aspects of the transaction

Supported the completion of a $30 million global sale to an unconnected trade buyer, including the UK operations

Managed communications with UK employees and stakeholders to ensure business continuity
Following the sale, were appointed as administrators to complete the orderly transition of the UK business under the new ownership

Results

Moorfields’ involvement delivered a successful outcome, including: