Cargo bike delivery company Pedal Me goes into administration after failing to reach agreement with HMRC over debts
The e-cargo bike company said that shareholders have managed to buy back assets from administration, preserving jobs and offering increased
liquidity
by ADWITIYA PAL
UPDATED FRI, FEB 02, 2024 19:07
The electric cargo bike company Pedal Me has been forced to go into administration after it failed to reach an agreement with HMRC over its debts, but a buyout of assets from existing shareholders has managed to
save jobs and offer some promise for the future, road.cc has learnt.
The news comes despite the London-based bike courier service company
claiming that its gross margins improved to around 50 per cent, while
hourly earnings per staff hour went up 20 per cent on the previous year.
Founded in 2017 by Ben Knowles, Rob Sargent, and Chris Dixon, Pedal Me established itself as a revolutionary and eco-friendly new service by using cargo bikes built in the Netherlands by Urban Arrow. The company claims
that in central London, it is cheaper and quicker than the taxi service
Uber.
[Full story at]
<https://road.cc/content/news/pedal-me-goes-administration-due-huge-debt-306553>
On 06/02/2024 10:46 am, Spike wrote:
Cargo bike delivery company Pedal Me goes into administration after failing >> to reach agreement with HMRC over debts
The e-cargo bike company said that shareholders have managed to buy back
assets from administration, preserving jobs and offering increased
liquidity
by ADWITIYA PAL
UPDATED FRI, FEB 02, 2024 19:07
The electric cargo bike company Pedal Me has been forced to go into
administration after it failed to reach an agreement with HMRC over its
debts, but a buyout of assets from existing shareholders has managed to
save jobs and offer some promise for the future, road.cc has learnt.
The news comes despite the London-based bike courier service company
claiming that its gross margins improved to around 50 per cent, while
hourly earnings per staff hour went up 20 per cent on the previous year.
Founded in 2017 by Ben Knowles, Rob Sargent, and Chris Dixon, Pedal Me
established itself as a revolutionary and eco-friendly new service by using >> cargo bikes built in the Netherlands by Urban Arrow. The company claims
that in central London, it is cheaper and quicker than the taxi service
Uber.
[Full story at]
<https://road.cc/content/news/pedal-me-goes-administration-due-huge-debt-306553>
It is surely the most anti-social thing a company can do when it fails
to pay HMRC the VAT it owes, as well as the income tax and National
Insurance due (especially if it relates to deductions made from the pay
of an employee)?
And a chav-cycle business has done it, sufficiently egregiously to
prompt the normally placid HMRC into pressing for legal action.
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