Overview
- FRP Advisory appointed Chad Griffin, Geoff Rowley and Graham Smith as joint administrators to oversee the Forres-based rocket maker.
- Orbex ceased trading shortly before the appointment, with most of its roughly 163 UK employees made redundant and a small team retained for transition.
- Administrators are exploring sales of the business, assets or intellectual property and are already in talks with more than 20 potential suitors, including other rocket developers.
- The collapse followed unsuccessful efforts last week to secure fresh investment or complete a merger.
- Orbex had raised £138.5 million to date, including £33.3 million in grants and £105.1 million in equity, with £76.7 million from public sources, and its planned Prime test flights from SaxaVord are now uncertain.