Australia's Recharge Industries has completed a deal to buy Britishvolt, a bankrupt startup planning a gigafactory for electric vehicle batteries in the UK, administrators overseeing a rescue deal said on Monday.

"The joint administrators... have completed the sale of the majority of the business and assets to Recharge Production UK Ltd for an undisclosed sum," a statement from financial group EY said.

"The remaining Britishvolt employees have transferred to Recharge as part of the transaction."

The sale of the business "will help to support the development of technology and infrastructure needed for the UK's energy transition", it added.

The news comes despite weekend media reports that the deal was facing delays due to checks on whether Recharge had sufficient funds.

The news comes despite weekend media reports that the deal was facing delays due to checks on whether Recharge had sufficient funds

Britishvolt, which was championed by former prime minister Boris Johnson to help drive a greener economy, failed to adequately finance a multi-billion-pound facility in Blyth, northeast England.

The shortfall occurred despite the promise of government financial support and in the wake of funding by metals giant Glencore and British luxury car firm Aston Martin.

A majority of the 300 Britishvolt staff had lost their jobs in the collapse.

It emerged earlier this month that Recharge had been selected by EY as the preferred bidder to take over the majority of the business.