![Pinterest](https://pinterest.com/pin/create/button/?url=https://uknews.evprotec.com/britishvolt-staff-take-pay-cut-to-secure-electric-car-battery-champions-future/&media=https://uknews.evprotec.com/wp-content/uploads/2022/11/TELEMMGLPICT000283371692_trans_NvBQzQNjv4BqNJjoeBT78QIaYdkJdEY4CnGTJFJS74MYhNY6w3GNbO8.jpeg&description=Staff at struggling electric car battery start-up Britishvolt have agreed to a pay cut as the company races to secure its long-term future. Up to 300 members of staff at the company championed by Boris Johnson will enter into a salary-sacrifice scheme for this month, it announced on Wednesday. Britishvolt also confirmed it has short-term funding that will allow it to survive 'for the coming weeks'. The rescue wards off the threat of imminent collapse. Britishvolt was on the brink of appointing administrators earlier this week. Neither the quantum of the short-term funding nor the provider was disclosed, but bosses hope that the money will allow them to "bridge" to a more sustainable long-term deal. The company said: 'At Britishvolt we are continuing to pursue positive ongoing discussions with potential investors. In addition, we have also received promising approaches from several more international investors in the past few days. 'The result is we have now secured the necessary near-term investment that we believe enables us to bridge over the coming weeks to a more secure funding position for the future. To further reduce our near-term costs, our dedicated employee team has also voluntarily agreed to a temporary salary reduction for the month of November.' Earlier this week the Government rejected a request from Britishvolt, also backed by metals giant Glencore, to draw down roughly a third of its £100m of state aid ahead of schedule. Britishvolt wants to build a vast gigafactory in Blyth, Northumberland. The £3.8bn plant would create 3,000 new jobs. Mr Johnson hailed the plans as a 'levelling up opportunity' at the start of this year. The company currently employs nearly 300 people. Britishvolt said 'challenging external factors' had forced bosses to review funding requirements. It added: 'The weakening economic situation is negatively impacting much business investment at present." On Tuesday, the Telegraph revealed that Andy Palmer, the former chief executive o){kind=link}
Company praises ‘dedicated employee team’ as it confirms it can fund ‘the coming weeks’
Staff at struggling electric car battery start-up Britishvolt have agreed to a pay cut as the company races to secure its long-term future.
Up to 300 members of staff at the company championed by Boris Johnson will enter into a salary-sacrifice scheme for this month, it announced on Wednesday.
Britishvolt also confirmed it has short-term funding that will allow it to survive “for the coming weeks”.
The rescue wards off the threat of imminent collapse. Britishvolt was on the brink of appointing administrators earlier this week.