Thu, 28 Mar 2024 | ADMINISTRATION
Lunaz Group Limited, a vehicle electrification and upcycling business, has been placed into administration. FRP Advisory partners Sarah Cook and Miles Needham were appointed as joint administrators of the company on March 20.
The firm is the parent company of Lunaz Limited and App Tech Productions, which fell into administration on March 20 and March 14, respectively. The group, which was founded in 2018, specialised in electrified and upcycled classic cars and commercial vehicles, including refuse lorries.
Despite a strong, forward-looking offering, administrators say that the business suffered as a result of falling sales in the wake of the government’s recent decision to extend the deadline for the transition to zero-emission vehicles.
The majority of roles across the group have been made redundant and operations have ceased at the company’s Northamptonshire facilities. The administrators are now seeking to realise the remaining assets of the group’s two sites at Silverstone Technology Park.
In Lunaz Group Limited’s most recent accounts at Companies House, for the year ending October 31 2022, its total assets were valued at close to £18.3 million, with total equity standing at just under £17 million.
In a statement, the joint administrators said: "Lunaz Group had developed a forward-looking product, designed to support the circular economy and give new leases of life to both heritage and working commercial vehicles.”
"Unfortunately, the recent extension to the deadline for the transition to zero-emissions vehicles led to a slowdown in sales and the decision to appoint administrators to the group.”
"Regrettably this impacts the employees who we will continue to support through their redundancy claims in the coming weeks."
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