The collapse of Glasgow-based Hydrogen Vehicle Systems Ltd (HVS) into administration has culminated in a pre-pack sale of the business, a move designed to salvage the company’s intellectual property but one that has resulted in significant job losses.
The Scottish truck manufacturer, which once employed a workforce of over 70 specialists across research, engineering, and development, officially entered administration following a protracted period of financial instability. Paul Dounis and Mark Harper of Opus Restructuring were appointed as joint administrators to oversee the process.
Founded in 2017, HVS established itself as a pioneer in the hydrogen-electric vehicle sector,…