Lunaz: Majority of jobs lost at David Beckham-backed electric vehicle company
The majority of jobs have been lost at Lunaz, the electric vehicle company backed by David Beckham, after it entered administration.
Administrators at FRP were recently appointed to the Silverstone-based vehicle electrification business, which has now ceased trading.
Lunaz Group, which was established in 2018 and was the parent of Lunaz and App Tech Productions, electrified and upcycled classic cars and commercial vehicles including refuse lorries.
In a statement, Sarah Cook and Miles Needham, joint administrators of Lunaz Group, 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.”
Earlier this month, Lunaz said the decision to enter administration was due to the “delay” in banning the sale of petrol and diesel vehicles.
Prime Minister Rishi Sunak announced last year that a planned ban was being pushed back five years from 2030 to 2035.
According to documents filed with Companies House, David Beckham holds 200,000 shares in Lunaz Group.
Founder and CEO David Lorenz holds 600,000 shares while other shareholders include OPI Investments, Serum Life Sciences, Glasgow Investments, Blue Endeavor Ventures, progressive Media Investments and PG Ventures Investments.
Following a funding round in 2022, the firm had been valued at as much as $200m.