An electrical cargo bike logistics firm that acquired backing from an arm of Barclays has crashed into administration after failing to land new funding, triggering the lack of greater than 100 jobs.
It comes after an accelerated seek for new capital from buyers, which launched earlier than Christmas.
Zedify, which has counted the style big Zara amongst its companions, operates from 10 logistics hubs throughout the UK, with the newest launched in Birmingham initially of November.
It has stated that it aimed to be energetic in 50 UK cities within the subsequent few years, and claims to function the UK’s largest community of its form.
Based in 2018, the corporate works with retail manufacturers, in addition to parcel carriers and unbiased companies, to supply sustainable “last-mile” deliveries utilizing cargo bikes.
The corporate employed about 150 individuals previous to the directors’ appointment.
Its different current backers embody Inexperienced Angel Syndicate and Prova.
Zedify’s hubs in Cambridge and Edinburgh will stay operational, with near 40 workers retained whereas the directors discover choices for these websites.
Its Bristol hub is operated by a special authorized entity and in addition continues to commerce.
“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.”
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