Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Beckham backed vehicle electrification company Lunaz makes substantial job losses after entering administration

by April 5, 2024
April 5, 2024
Beckham backed vehicle electrification company Lunaz makes substantial job losses after entering administration

Lunaz, the electric vehicle company backed by David Beckham, has undergone substantial job losses after entering administration, marking a significant setback for the Silverstone-based enterprise.

Administrators from FRP were recently appointed to oversee the operations of Lunaz Group, which included Lunaz and App Tech Productions, specializing in the electrification and upcycling of classic cars and commercial vehicles, including refuse lorries.

In a joint statement, administrators Sarah Cook and Miles Needham lamented the situation: “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, Lunaz attributed its decision to enter administration to the delay in the planned ban on the sale of petrol and diesel vehicles. Prime Minister Rishi Sunak had announced last year a postponement of the ban by five years, shifting it from 2030 to 2035.

According to filings with Companies House, David Beckham holds 200,000 shares in Lunaz Group, while founder and CEO David Lorenz owns 600,000 shares. Other shareholders include OPI Investments, Serum Life Sciences, Glasgow Investments, Blue Endeavor Ventures, Progressive Media Investments, and PG Ventures Investments.

Despite being valued at up to $200 million following a funding round in 2022, Lunaz has encountered significant challenges amidst the evolving landscape of electric vehicle adoption and regulatory frameworks. The company’s fate underscores the complexities and uncertainties facing businesses in the transition towards sustainable transportation solutions.

Read more:
Beckham backed vehicle electrification company Lunaz makes substantial job losses after entering administration

0
FacebookTwitterGoogle +Pinterest
previous post
11 ways Biden and his handlers are hell-bent on destroying America
next post
Battle Over FISA Reauthorization Resumes Next Week

You may also like

Ben Courson on Hope, Healing, and Slowing Down

May 3, 2025

Government proposes changes to disability and illness benefits

September 6, 2023

Honda to return to Formula 1 as Aston...

May 24, 2023

Investing in Whisky Safely – 3 Scam Indicators...

December 1, 2023

CBI is no longer relevant in its current...

April 14, 2023

Warning over future of British Steel as it...

February 22, 2023

The Body Shop Faces Administration in UK Amidst...

February 11, 2024

Remote workers feel “policed” by unpredictable managers

June 14, 2023

How Dante Labs Empowers Consumers With Personalised Genomic...

February 2, 2023

When is the right time to revisit your...

May 22, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025
    • Musk jokes about reconsidering stance on Big Beautiful Bill after Schiff’s praise

      June 7, 2025
    • Musk deletes explosive posts about Trump and Epstein files

      June 7, 2025
    • House witness flips script on Dem who ambushed him during hearing with unearthed tweet: ‘Iceberg is ahead’

      June 7, 2025
    • Call with China’s Xi, and Trump-Musk exchange fueled barbs during 20th week in office

      June 7, 2025
    • Trump’s conservative allies warn Congress faces critical ‘test’ with $9.4B spending cut proposal

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,568)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved