Yahoo Finance David Beckham-backed Lunaz restarts after administration and job cuts
Lunaz, the electric car company backed by David Beckham which collapsed into administration earlier this year, has completed a restructure and restarted production.
The Silverstone-based business will continue to electrify classic cars and up-cycle commercial vehicles under a new structure and business entities.
Lunaz Design will operate from the company’s existing headquarters and production home on the Silverstone Technology Park.
This will see the resumption of production for all Lunaz Design platforms (Aston Martin DB6, Bentley Continental, Jaguar XK, Range Rover Classic, and Rolls-Royce Silver Cloud and Phantom V/VI).
Lunaz said that order books are open for deliveries to start in the fourth quarter of 2025.
It added that all existing builds have resumed for both individual and hospitality customers, with the first tranche of deliveries to take place over summer 2024.
The commercial vehicles business has also restarted operations and is aiming to make its first customer deliveries in the first quarter of 2025.
Founder David Lorenz said: “Up-cycling and electrification are the sustainable and economically viable courses for the generational shift to zero-emissions vehicles.
“We are delighted to have worked with our clients and stakeholders to create a new structure that lays the foundations for the long-term sustainable growth of the business.
“This ensures we are ready to meet immediate demand for vehicle electrification services and are fit to scale in direct response to volume requirements as major markets build towards legislative bans on Internal Combustion Engine (ICE) commercial vehicles.”
The news comes after it was revealed that Lunaz’s creditors are set to lose out on almost £20m because the business entered administration.
According to a new document filed with Companies House by FRP, unsecured creditors in Lunaz are only set to receive a share of just over £1.6m.
The Silverstone-based vehicle electrification business entered administration earlier this year with the majority of jobs lost.
According to documents filed with Companies House, David Beckham holds 200,000 shares in Lunaz Group.
