Tech giant once worth over $1bn collapsed owing millions and cutting 150 jobs

A Manchester technology company that had once been valued at over $1bn collapsed into administration owing millions and with the loss of 150 jobs.

Wejo appointed Leonard Curtis in July after failing to secure the funding it needed to continue trading. The business was left unable to pay its salaries and embarked on a near month-long search for a rescue.

Now, a new document filed with Companies House by Leonard Curtis has revealed how an investor adding an extra clause to a funding agreement at the 11th hour and then pulling out of the deal led to Wejo collapsing.

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The document also details how much Wejo owed to its creditors when it collapsed and if there is any possibility they will be repaid.

Wejo was founded at the end of 2013 by Richard Barlow and based at Manchester's ABC Building in Quay Street.

Its main activity was to develop and promote the use of cutting edge technology using big data, telematics and mobile data primarily sourced from connected vehicles.

Despite being headquartered in Manchester, the group mainly traded in the USA.

In November 2021 Wejo, which was backed by US giant General Motors, floated on the Nasdaq after completing a reverse merger.

The deal with Virtuoso Acquisition Corp was first announced at the start of June 2021 and valued the business at $800m. As a result of the move, Wejo received about $225.7m.

Alongside chief executive Richard Barlow and General Motors, other shareholders included Sompo Holdings, chairman Tim Lee and Apollo Capital Management.

Leonard Curtis, in its report filed with Companies House, said: "The company historically incurred operating losses from inception to date.

"As