Monday, June 24, 2024

Silverstone electric vehicle firm restarts operations following restructure

Silverstone-based electric vehicle firm, Lunaz, backed by David Beckham, has restarted operations after a company restructure. It follows an entry into administration in March.

According to a report from administrators FRP, in early 2024 the company sought to raise additional funding through a series-B fund raise but was unsuccessful. In response, the board of directors reviewed the company’s financial position and concluded that it was unable to continue to fund the ongoing costs of the group, unable to repay its loans and that the company was insolvent.

Following the restructure, Lunaz will now continue electrifying classic cars and up-cycling commercial vehicles under a new structure and business entities, as reported by City A.M., with the business saying that order books are open.

Classic car electrification will resume under Lunaz Design, and commercial vehicle operations, such as bin lorries, through Up-cycled Electric Vehicles.

David Lorenz, founder, said: “We are delighted to have worked with our clients and stakeholders to create a new structure that lays the foundations for the long-term sustainable growth of the business.”

A message from the Editor:

Thank you for reading this story on our news site - please take a moment to read this important message:

As you know, our aim is to bring you, the reader, an editorially led news site and magazine but journalism costs money and we rely on advertising, print and digital revenues to help to support them.

With the Covid-19 pandemic having a major impact on our industry as a whole, the advertising revenues we normally receive, which helps us cover the cost of our journalists and this website, have been drastically affected.

As such we need your help. If you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs just £33.60 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the storm and continue in our quest to deliver quality journalism.

As a subscriber, you will have unlimited access to our web site and magazine. You'll also be offered VIP invitations to our events, preferential rates to all our awards and get access to exclusive newsletters and content.

Just click here to subscribe and in the meantime may I wish you the very best.

Latest news

Related news

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.