PML and Hi-Pa rescued?

[mikeytrw]

Hi chaps,

new to this forum... been following progress of EV's and have a genuine passion for sports-EV technology.

Which was why I was so saddened to see PML go into administration...especially being a proud Brit myself

however...looking at their Hi-Pa drive site, it looks like the administrators have found a buyer for that part of the business....

At the bottom of the site:

Hi-Pa Drive and PML are trading names of Electric Motor Works Ltd.

Looking at companies house this company was incorporated 12 Nov 2008...just 16 days before PML went into Admin....

It looks suspiciously like whoever set that new company up knew PML was going to go into admin, and the company was set up deliberately to take on parts of the PML business...i.e. Hi-Pa.

I would imagine its probably the original owners of PML using their own cash to take on the Hi-Pa business, letting the old business go into insolvency.

Any Thoughts????

M.

[dpeilow]

Hi Mike,

Welcome to the forum.

Nice find - thanks for passing that on. Do you know from your Companies House search who the new directors are?

Fingers crossed that guarantees the supply for LCC and the other manufacturers planning to use this system.

[mikeytrw]

Hi,

Do you know from your Companies House search who the new directors are?

No I dont...you need paid access to find out that info.

We've been meaning to buy an account for some time at work so I'll see about registering it this week and get some info.

Might also be interesting to see PML's recent last accounts to see how far up the coco canal they were sailing 'sans paddle'.