Unsecured creditors of one-time Nasdaq-listed Manchester tech unicorn, connected vehicle data company Wejo Ltd, are unlikely to recover any of the money they are owed, according to the company’s fifth progress report issued by administrators Leonard Curtis.
The report confirms that no dividend is expected to be paid to unsecured creditors following Wejo’s collapse into administration. This places hundreds of suppliers, contractors and service providers at the bottom of the creditor hierarchy, with an estimated 0% recovery on claims totalling approximately $46.78 million out of Wejo’s £100m+ total debt.
Wejo, once a high-profile automotive data and analytics business, entered administration after running out of funding. During the administration process, the company’s intellectual property and technology platforms were sold for around $14 million. However, the proceeds were insufficient to cover Wejo’s secured debts.
The largest beneficiary of the sale was General Motors, acting through Glas Americas LLC, which held secured claims against the business. Of the $14 million realised, approximately $10.2 million was paid to Glas, representing about 68.7% of the amount it was owed. Despite this payment, secured creditors remained underpaid, with General Motors alone still owed an estimated $5.3 million.
The report outlines a substantial overall debt position. Secured creditors are owed approximately $54.5 million, split between Glas Americas ($15.5 million) and Securis ($39 million). Preferential creditors, primarily employees owed wages and holiday pay, are due around £495,000. Secondary preferential claims from HM Revenue & Customs amount to roughly £1.4 million. These claims rank ahead of unsecured creditors under UK insolvency law.
Administrators cited several reasons for the lack of funds available to unsecured creditors. Asset realisations were only sufficient to partially repay the first-ranking secured creditor, while administration costs exceeded £1.4 million. Additional expenditure arose from legal disputes and court proceedings linked to the insolvency.
A small number of outstanding matters remain under investigation, including a director’s loan account with a potential recoverable value of approximately $9,400. However, administrators have indicated that any further recoveries would still be applied to secured creditors before unsecured claims. The administration has been extended until January 2027 to conclude these issues.
Unsecured creditors are advised to ensure proofs of debt have been formally submitted, even though no dividend is anticipated, in case of unforeseen recoveries. For most, the insolvency represents a total financial loss.
