Cargo bike firm Zedify crashes into administration
Fri, 31 Jan 2025 | ADMINISTRATION
Zedify, the UK's largest electric cargo bike delivery network, has crashed into administration with the loss of over 100 jobs.
Established in 2015, Zedify provides zero-emission last-mile logistics services for companies including high street retailers, parcel carriers and independent businesses.
The investment followed a £5 million funding round in March 2023 from the same investors including Barclays Sustainable Impact Capital and Mercia, which led Zedify to grow from 113 to 209 employees and sign-up brands like Hello Fresh, Selfridges, and Veja.
However, despite rising demand for sustainable delivery services, the company was unable to raise sufficient funding to continue operating. As such, it appointed Will Wright and Steve Absolom from Interpath as the Joint Administrators to Outspoken Logistics Limited, trading as Zedify, on 31 January.
The company's hubs in Cambridge and Edinburgh remain operational, with 38 employees retained while the Joint Administrators explore future options for these sites. In addition, the Bristol hub is operated by a different legal entity and continues to trade.
However, the Joint Administrators have now commenced an orderly wind-down of the remaining business and have ceased operations at seven of the company's trading hubs. As a result, 105 employees have been made redundant.
Ravi Patel from Interpath, who is leading the sale of the company's business and assets, 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."
Steve Absolom, Managing Director at Interpath and Joint Administrator, said: "We understand news of the company's insolvency will be devastating to its team of employees. We'll endeavour to provide support to those impacted by redundancy, including assisting them with claims to the Redundancy Payments Service."
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