UK-based tunnelling construction technology company hyperTunnel has entered administration, grappling with substantial debt.
Joint administrators Paul Michael Davis and Timothy John Edward Dolder are now managing the affairs of hyperTunnel and hyperTunnel Holdings.
The latest financial records reveal hyperTunnel was £9.6m ($12.3m) in debt as of 30 April 2023, with £11.3m due to creditors within a year, against only £861,000 receivable, New Civil Engineer reported.
In a statement released on its website, hyperTunnel said: “The affairs, business and property of the companies are being managed by the joint administrators, who act as agents of the companies and without personal liability.
“Paul Michael Davis is licensed to act as an insolvency practitioner in the UK by the Institute of Chartered Accountants in England & Wales and Timothy John Edward Dolder is licensed to act as an insolvency practitioner in the UK by the Insolvency Practitioners Association.
“They are bound by the Insolvency Code of Ethics when carrying out all professional work relating to an insolvency appointment.”
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By GlobalDataFounded in 2018, hyperTunnel aimed to revolutionise tunnelling by integrating modern technologies such as AI, machine learning, and swarm robotics.
The Basingstoke-headquartered company gained attention with its innovative 3D printing tunnelling method using horizontal directional drilling bore pipes.
According to a report by the Construction Index, hyperTunnel has been unable to repay its principal investor, leading to its current financial predicament.
The company’s achievements include a research and development contract with Network Rail and attracting former Network Rail CEO Mark Carne as chair.
Investments from Vinci and a grant for a Welsh demonstration project further highlighted its potential.
However, the looming repayment deadline to Thai investor Hamersley, totalling £14.8m, including interest, has placed the company under severe financial strain.
Opus administrators took control on 23 July 2024, with efforts to find investment, sell the business, or restructure the debt proving unsuccessful.
The debt repayment due at the end of the month has hindered the company’s appeal to potential investors, the Construction Index reported.
The future of hyperTunnel’s 37 employees remains uncertain, with updates expected soon.
