Manchester vehicle data company Wejo has filed a third notice of intent to enter administration.
The former tech unicorn, now valued at significantly less than its $1bn unicorn heyday, filed its first notice of intent to enter administration at Manchester Courts on the final day of May.
An email sent to staff on the same day and seen by Prolific North, from CEO Richard Barlow, suggested that the company was seeking a buyer, although it conceded that there was “uncertainty as to whether the sale of the business will be possible in the circumstances.”
Since then, multiple staff have taken to social media, and spoken to Prolific North directly, to confirm they have been made “redundant.”
Wejo then filed a second notice of intent to administration, which expired on June 27. Since then a planned reverse-merger with US SPAC TKB has also been terminated, as exclusively reported by Prolifc North.
Unfortunately, the UK Government’s redundancy support schemes don’t apply to staff of companies that have not yet entered administration. Which Wejo has just just postponed again, until mid-July according to standard administration procedures, though a fourth notice of administration may yet follow.
Wejo’s former staff appear to be left in limbo once again, while the ongoing intent to enter administration also keeps creditors at bay. We can only assume the company has a rescue package in the pipeline.
Prolific North has attempted to contact Wejo for comment, again.