An electric cargo bike logistics company that received backing from an arm of Barclays has crashed into administration after failing to land new funding, triggering the loss of more than 100 jobs.
Sky News understands that Outspoken Logistics Limited, which trades as Zedify, has parachuted in Interpath to handle its insolvency.
It comes after an accelerated search for new capital from investors, which launched before Christmas.
Zedify, which has counted the fashion giant Zara among its partners, operates from 10 logistics hubs across the UK, with the latest launched in Birmingham at the start of November.
It has said that it aimed to be active in 50 UK cities in the next few years, and claims to operate the UK’s largest network of its kind.
Founded in 2018, the company works with retail brands, as well as parcel carriers and independent businesses, to offer sustainable “last-mile” deliveries using cargo bikes.
Follow our channel and never miss an update
The company employed about 150 people prior to the administrators’ appointment.
Money blog: It could be more expensive to buy a bottle of wine or gin tomorrow
TPG and Pinewood owner Aermont eye self-storage group Access
Online fashion marketplace Trouva pauses trading and hunts buyer
Its other existing backers include Green Angel Syndicate and Prova.
Zedify’s hubs in Cambridge and Edinburgh will remain operational, with close to 40 employees retained while the administrators explore options for these sites.
Its Bristol hub is operated by a different legal entity and also continues to trade.
Be the first to get Breaking News
Install the Sky News app for free
Responding to an enquiry from Sky News, Ravi Patel of Interpath 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.”
