RSM appointed to oversee Beam administration

Subsea technology company Beam has entered administration, resulting in the redundancy of the majority of its workforce. RSM UK professionals are now working to sell off the firm’s remaining assets.
Founded in 2016, Beam is a deep technology company, which sought to ride the wave of AI optimism to succeed in the subsea services market. Using AI and autonomy on robotic ships and underwater robots, the firm looked to service offshore wind farms, while aiming to empower the global energy transition, according to its LinkedIn, by “delivering cutting edge automation that provides immediate time and cost savings across all lifecycle stages of a wind farm”.
Headquartered in the UK, the firm called itself “one of Europe’s fastest growing tech companies”, and employed over 200 people at the height of its powers. However, following a rapid downfall, the firm has announced the appointment of administrators – and the loss of 162 of its 195 remaining staff.
The notice was file for Rovco, the he Bristol-headquartered technology company’s trading name, following the rebrand last September. David Shambrook and Damian Webb of RSM UK’s restructuring wing will now oversee the sale of the firm’s remaining assets, with the help of the small number of staff kept on.
According to a release from the administrators, they are “currently exploring different options to maximise returns for creditors and preserve jobs for staff where possible”.