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Electric Vehicle Company, Breathe, which provides EV’s including Teslas to private-hire drivers, has collapsed into administration. This could greatly impact on London taxpayers, with millions of pounds of losses to be faced.
Sadiq Khan, the founder of The Mayor’s Energy Efficiency Fund (MEEF), had injected £3.2m into the company in March 2022 – just 15 months prior to administrators from Begbies Traynor being appointed. The MEEF was set up to provide debt and equity to small business owners, and is managed by Amber Fund Management.
As of yet, the reason for the collapse is not clear. The appointed administrators are working closely with all parties involved to complete a sale of the business and if needed, realise assets to enable any debts to be repaid.
Breathe operates with a subscription service, whereby customers can take full ownership of their car at the end of the subscription period. Other disciplines are involved too, with financial products being offered including insurance.
Sky News provide more information.