Fri, 31 Jan 2025 | ADMINISTRATION
Zedify, the UK's largest electric cargo bike delivery network, has crashed into administration with the loss of over 100 jobs.
Established in 2015, Zedify provides zero-emission last-mile logistics services for companies including high street retailers, parcel carriers and independent businesses.
The investment followed a £5 million funding round in March 2023 from the same investors including Barclays Sustainable Impact Capital and Mercia, which led Zedify to grow from 113 to 209 employees and sign-up brands like Hello Fresh, Selfridges, and Veja.
However, despite rising demand for sustainable delivery services, the company was unable to raise sufficient funding to continue operating. As such, it appointed Will Wright and Steve Absolom from Interpath as the Joint Administrators to Outspoken Logistics Limited, trading as Zedify, on 31 January.
The company's hubs in Cambridge and Edinburgh remain operational, with 38 employees retained while the Joint Administrators explore future options for these sites. In addition, the Bristol hub is operated by a different legal entity and continues to trade.
However, the Joint Administrators have now commenced an orderly wind-down of the remaining business and have ceased operations at seven of the company's trading hubs. As a result, 105 employees have been made redundant.
Ravi Patel from Interpath, who is leading the sale of the company's business and assets, said: "Zedify was considered a pioneer within the logistics market, being the UK's first cargo bike delivery service with a zero-emission, last-mile delivery model. We are working to explore all options and are seeking buyers for the business and its assets, including its fleet of electric bicycles and their associated intellectual property, as well as the Zedify brand."
Steve Absolom, Managing Director at Interpath and Joint Administrator, said: "We understand news of the company's insolvency will be devastating to its team of employees. We'll endeavour to provide support to those impacted by redundancy, including assisting them with claims to the Redundancy Payments Service."
Opportunity to acquire a well-established office supply services business located in the East of England, renowned for its customer service and comprehensive product range.
An opportunity exists to support or acquire a well-established West Midlands based distributor specialising in branded IT hardware and services.
Impressive furniture business with huge further growth potential. Vendor works in collaboration with some of the finest contract furniture producers across Europe which gives the business a significant advantage over its competition.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.