Wejo understood to have entered administration following expiry of third notice

Prolific North understands that Manchester vehicle data firm Wejo has entered administration following the expiry of its third notice of intent yesterday.

Former employees at the company have confirmed that executives have informed staff that no rescue package has been found, and that the administration process will now begin.

Wejo first filed notice of intent to enter administration at the end of May, and has since filed a further two notices, delaying the process while directors sought a buyer or similar rescue package, although CEO Richard Barlow confirmed in an email sent to staff advising them of the administration plans on May 30 that there was “uncertainty” around whether a buyer could be found “in the circumstances.”

The company had undergone cash burn of as much as $10m a month since it floated in 2021, while the formerly Nasdaq-listed firm’s most recent SEC filing revealed that its available cash on hand had reduced to under $1m while liabilities had increased by $20m to $80.5m in the quarter to end of March 2023.

Prolific North has contacted Wejo and administrators Leonard Curtis Recovery, who were named as handling the process in the company’s previous filings, for comment.