Arrival, the UK electric van maker was once valued at $13bn, is now in the hands of EY-Parthenon’s Turnaround and Restructuring Strategy team and exploring options for the sale of the business and assets.

Arrival’s stated ‘mission’ was to “master a radically more efficient new method to design, produce, sell and service purpose-built electric vehicles, to support a world where cities are free from fossil fuel vehicles”, however, in the end the demand was just not there, and the company failed to sell any vehicles.

Based in Oxfordshire, Arrival’s 2021 Nasdaq flotation in 2021 was one of the UK’s unicorn listings, and the biggest British floatation to date company, but the company’s high costs and lack of orders cemented its fate.

Arrival was delisted from Nasdaq in January with the market suspending trading in the company’s securities as a result of the company not being in compliance with Nasdaq’s listing standards and the failure to submit a remediation plan.

The fall of Arrival has demonstrated quite how tough the market for commercial EVs is, and although there was small boom of high-profile listings between 2020 and 2021, entrants have struggled against existing incumbents and tepid orders from users.

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