Space rocket company enters administration
Orbex had planned to carry out the first test launches of its microlauncher Prime later this year.
A space rocket company which employed 163 people has entered administration.
FRP Advisory said that Chad Griffin, Geoff Rowley and Graham Smith have been appointed as joint administrators of Orbex, based in Forres, Moray.
It comes after Orbex last week filed a notice of intention to appoint administrators after fundraising, merger and acquisition opportunities all ended unsuccessfully.
Orbex said it had been on the cusp of the first test launches of its microlauncher Prime later this year.
The joint administrators said they will now explore all options for the business, including a potential sale of its assets or technology.
FRP said it is already in active discussions with more than 20 interested parties, which include other rocket developers.
Mr Griffin, joint administrator and partner at FRP, said: “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.”
FRP said Orbex ceased trading shortly before administrators were appointed.
Orbex, an orbital launch services company and space rocket manufacturer, employed around 163 people in the UK, most of whom were based in Forres.
FRP said that the joint administrators will be engaging with all employees to provide information and support.
The administrators said that Orbex had secured £138.5 million in funding to date, comprising £33.3 million in grants and £105.1 million in equity.
FRP said that public investment totalled £76.7 million, including £26 million from the UK Government in 2025 and £29 million from the Scottish National Investment Bank.
