Wejo’s unsecured creditors face total loss as administration costs pass £1.4m

Unsecured creditors of Wejo Ltd, the Manchester connected vehicle data company that was once a Nasdaq-listed tech unicorn, are unlikely to get any of their money back, administrators Leonard Curtis said in their fifth progress report.

The report confirms there is no prospect of a dividend for that group. That leaves hundreds of contractors, service providers and suppliers last in line, with an estimated 0% return on claims of about $46.78 million. Wejo’s total debts exceed £100m.

Wejo, formerly a prominent automotive data and analytics business, went into administration after its funding ran out. Its intellectual property and technology platforms were sold during the administration for around $14 million, which was not enough to pay off its secured debts.

Secured creditors still short

General Motors, acting through Glas Americas LLC, held secured claims against Wejo and was the main beneficiary of the sale. Glas received approximately $10.2 million of the $14 million raised, around 68.7% of what it was owed. Secured creditors are still out of pocket, with General Motors alone owed an estimated $5.3 million.

The report sets out large debts across the board. Secured creditors are owed about $54.5 million in total, made up of $15.5 million to Glas Americas and $39 million to Securis.

Preferential creditors, most of them staff owed holiday pay and wages, are due around £495,000, while secondary preferential claims from HM Revenue & Customs come to about £1.4 million. Under UK insolvency law, both rank above unsecured creditors.

Why nothing is left

The administrators gave several reasons why there is no money for unsecured creditors. The assets sold raised only enough to repay part of what the first-ranking secured creditor is owed, and administration costs have topped £1.4 million. Legal disputes and court proceedings connected to the insolvency added further costs.

A few issues are still being looked into, including a director’s loan account that could yield about $9,400. The administrators have said any further money recovered would still go to secured creditors first. The administration has been extended to January 2027 so these matters can be completed.

Unsecured creditors are being advised to make sure they have formally submitted proofs of debt in case of unexpected recoveries, even though no payout is expected. For most of them, the collapse means losing everything they were owed.