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."
Click here to download our free guide on finding and buying distressed businesses and assets
Find out more about M&A trends in the UK's automotive sector
Seeking offers for the total assets of a software solutions provider, The company operates from leasehold premises where there are nine employees, whom we assume will be TUPEd across to the buying company.
Established UK based software product company, that is focused on producing innovative and transformational large-scale software solutions to manage complex Networks, IT infrastructure and Services for Telecoms Operators & CSP’s, Smart Energy, Large...
Client is an IT services provider specialising in hosting, data backup and business continuity services, with proprietary backup software for Microsoft and Salesforce. This is a great opportunity for a buyer to strengthen their service offering.
17
|
Feb
|
PE-backed Solita buys digital group PUBLIC | BUSINESS SALE
Digital transformation firm PUBLIC Group International Limit...
17
|
Feb
|
NRG Marine bought by Alfa Laval to boost decarbonisation aims | BUSINESS SALE
Stockholm-listed engineering firm Alfa Laval has bought mari...
13
|
Feb
|
Danish-owned ITGL snaps up Swindon-based cybersecurity firm ISN | BUSINESS SALE
Technology services provider Intuitive Systems & Networks (I...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
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.