Published by Global Banking & Finance Review®
Posted on February 11, 2026
1 min readLast updated: February 11, 2026
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Orbex appoints administrators after failing to secure new funding, risking Scottish jobs and impacting the UK's space sector.
Feb 11 (Reuters) - Scottish rocket maker Orbex has begun the process of appointing administrators after attempts to raise new funding or secure a buyer collapsed, the company said on Wednesday.
Orbex said it would keep trading while options including a sale of the whole business or selected assets are considered.
Phil Chambers, the company's chief executive, said the failure to secure new investment threatened hundreds of skilled jobs in Scotland and risked derailing progress on Britain's attempt to build a domestic launch sector.
"Disappointing doesn't come close," he said in a statement, adding that rocket development requires long lead times and significant capital, and that the firm had worked "tirelessly" to find a solution.
(Reporting by Sam Tabahriti in London, Prerna Bedi and Ankita Bora in Bengaluru; Editing by Tasim Zahid and Sarah Young)
Funding refers to the financial resources provided to support a project or business. It can come from various sources, including investors, loans, or grants.
Corporate strategy is a plan that outlines how a company will achieve its goals and objectives. It includes decisions about resource allocation, business direction, and competitive positioning.
Job creation refers to the process of providing new employment opportunities, often through business growth, investment, or economic development initiatives.
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