Beckham-backed EV firm stalls as it calls in administrators

A Northamptonshire firm which upcycles and electrifies classic cars and lorries is set to call in administrators to its commercial arm.

Lunaz, which is based at a 100,000 sq ft facility at Silverstone Technology Park, has blamed the Government’s decision to delay the switch to electric vehicles for the move.

The company, which is backed by footballing superstar David Beckham, has worked on modernising vehicle marques such as Bentley, Jaguar, Aston Martin, Rolls-Royce and Range Rover – along with a fleet of bin lorries.

Beckham holds a 10% stake in the firm, which has been valued at $200m dollars recently.

According to its website: “Each classic by Lunaz represents an uncompromised expression of the original. Electrification answers the questions of usability, reliability and sustainability and empowers owners to enjoy their cars daily.

“We restore, enhance and create with knowledge that these cars have cultural value far beyond their function. The passion we have for these cars can be felt in every stitch, weld and line of code.”

A spokesperson from the company said: “The Lunaz Group is currently restructuring its business to re-scope timelines for the start of production for commercial vehicle products. This means, the business entity ‘Lunaz Applied Technologies’ has stopped operations.

“The commercial vehicles business ceased trading and entered administration in line with UK company law. This decision re-balances business focus to passenger cars, which remain in production with order books open for its five engineered EV platforms.

“It is intended that engineered commercial vehicle platforms will commence production at a later date in response to confirmed and anticipated delays on the legislative requirement for fleets to transition to zero-emissions vehicles.

“This restructure will ensure demand for passenger vehicles can be met while ensuring commercial vehicles can be produced once market conditions drive demand.”

Lunez’s latest accounts, made up to October 31 2022, show the company employed 82 people. It owed creditors £11.6m at the time.