WeJo extends application of intention to appoint administrators

Administrators acting in the case of would-be tech unicorn WeJo have extended their application notice to appoint administrator, in a bid to buy time for a rescue deal.

Documents have been filed in the court today (13 June) by Leonard Curtis Recovery, with the applicant listed as WeJo Limited.

The notice to appoint administrators filing prevents other creditors from serving a winding up petition and seems to suggest a rescue package of some kind is on the way.

Leonard Curtis have been approached, but were unable to comment.

The automotive data business has also applied to have its shares suspended on the NASDAQ market in the US.

At the end of the calendar month Manchester-based staff were voicing concerns that their pay had been recalled. One comment on LinkedIn was typical: “I am facing a tough situation that I have never encountered before in my professional life. I have not received my salary, months of pension contributions are incomplete and I have lost my job without any wrongdoing on my part or my co-workers. Not knowing at this stage when/if we will be compensated.”

Those staff will be in a further state of limbo as the administration process stretches out. They are only able to access a government redundancy scheme once a process is underway.

Wejo CEO Richard Barlow told staff last week to stop working and said only a few would be saved to “help maintain the business in the short term,” and said he had no choice but to “make each of you redundant over the coming days.”

Manchester-headquartered tech company WeJo has filed an intention to enter administration as it had run out of cash on 30 May 2023.

At that point the business employed around 275 people in Quay Street in Manchester.

The initial Notice of Intent discloses the Company’s intention to appoint Andrew Poxon and Hilary Pascoe of Leonard Curtis Recovery Limited as administrators of Wejo Limited.

American car giant General Motors invested in the business which last reported substantial losses of $159.3m for 2022.