Orbex Workforce Redundancies
The majority of employees at Orbex, a Scottish rocket manufacturer, have been made redundant, according to BBC Scotland News. The company employed 163 people across the United Kingdom, with the majority based in Forres, Moray.
Company Administration and Spaceport Plans
Orbex has been placed into administration and had secured a lease for a planned spaceport located in Tongue, Sutherland. The administrators, FRP Advisory, stated they are in "active discussions" with over 20 businesses interested in acquiring Orbex, including other rocket development companies.
Company Background and Funding
Founded in February 2015, Orbex was developing a rocket named Prime, designed to launch small satellites into low Earth orbit. To date, the company had secured £138.5 million in funding, which included £76.7 million in public investment, according to FRP.
Administrator Statements
Chad Griffin, joint administrator and partner at FRP, commented on the situation:
"Orbex was at the forefront of the UK's ambitions to create a sovereign space launch capability, and has made significant technological progress in recent years.
Our focus now is on supporting employees, and engaging with potential interested parties to preserve value in the business assets and seek to retain space launch operations in Forres given the investments already made."
"We are already in contact with more than 20 potential suitors and encourage any further approaches from prospective buyers or investors to come forward."
