Electric motorbike distributor on the brink of administration
An electric motorbike distributor that describes itself as being part of an “urban mobility revolution” has posted its second notice of intention to appoint administrators (NOI) in just over a week, TheBusinessDesk.com understands.
Companies are permitted to post a maximum of two NOIs before either carrying on or handing over their affairs to administrators. The notice will protect Vmoto Distribution UK from creditors for a further ten days, but the Newark company’s future will be cast into doubt if its fortunes fail to improve before the period expires – potentially putting around 14 jobs at risk, according to its last available accounts.
Vmoto Distribution UK is a subsidiary of London-based GreenMo UK. It is the sole UK importer and distributor of Vmoto motorbikes and Super Soco electric scooters.
The Vmoto brand is based in Perth, Australia, while Super Soco is headquartered in Shanghai, China.
Accounts made up to the end of 2021 show the Nottinghamshire company was owed £1.3m by its debtors and in turn owed £468,000.
As we went to press it was unclear what caused the firm to post the two NOIs.