Manchester vehicle data company Wejo has filed a third notice of intent to enter administration, while its CEO and CFO appear to have launched a new company.
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 enter 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.
Simultaneously, CEO Richard Barlow and US-based CFO John Maxwell, who signed off on last week’s termination of a new merger with SPAC TKB Critical Technologies for the troubled company, have launched a new company, according to data held on Endole.
Barmax Bidco Ltd, registered company no. 14951532, was founded nine days ago, on June 21, 2023. It is registered in Bury, Greater Manchester and registered as performing “data processing, hosting and related activities.”
Barlow and Maxwell are currently the company’s two sole directors, appointed the same day the company was founded, and it is due to file a confirmation statement by July 4, 2024, and its first accounts by March 21, 2025.
Former staff at Wejo, meanwhile, await further news of their employer’s ongoing administration, or for a rescue plan to emerge.
Prolific North has contacted Wejo for comment.
